Retaining top talent is essential for a company to remain competitive and successful in the long term. Top talent brings unique skills, knowledge, and experience that are critical to achieving business goals and staying ahead of the competition. Losing these individuals can significantly impact a company's productivity and competitiveness. Thus retaining top talent can help a company maintain its position in the marketplace.
We asked entrepreneurs and business owners their insights and experiences on retaining top talent and here are the responses.
#1- Flexibility to work that suits them
One of the best ways to retain talent is to offer them the flexibility to work that suits them. We've had a lot of success with offering asynchronous work options for our team. We strictly limit our live meetings and document necessary information. This allows our employees to work at the hours that are best for them, while still being able to engage with the team more broadly. Flexibility is one of the most desired benefits candidates are looking for in 2023, the more you offer your team, the easier it is to retain them.
Thanks to Max Ade, Pickleheads!
#2- Creating fun activities
Make the workplace a fun place to work. Making the talents or employees happy and eager to come to work will definitely help in retaining them. Managing the work atmosphere into a fun and happy mood will be greatly appreciated. No one wants to or even endure a toxic workplace. The company culture can greatly influence the overall vibe of the workplace. Creating fun activities for them to keep the best people around.
Thanks to Josef Carmeli, If-So!
#3- Rewarding good performance
Reward a good performance and acknowledge their capabilities. Sometimes, a little praise is all a talent needs to be more motivated. Rewarding their good performance will motivate them to perform their best. It can come in the form of incentives or any reward you can give. The classic Employee of the Month posting can also help. This acknowledges that they have done a good job. The other talents will also appreciate it and will do their best to achieve the same success. There will be competition among talents, but a healthy one can make them more productive.
Thanks to Giovanni Scippo, 3DLines!
#5- Nurturing talents
Promote and nurture from within. Companies usually poach talents already in another or a rival company, but nurturing talents from within is also a good strategy. The talent will have a goal to achieve and have a high chance to stay since there is a ladder to climb. They will not be stuck in a position until they grow old. The possibility of them getting promoted will give them the energy they need to perform well. Nurturing the talents that you already have is also a good approach.
Thanks to Dan Hobbs, Protex.ai!
#6- Creating a positive work environment
Companies should focus on creating a positive work environment where employees feel valued, engaged, and motivated in order to retain top talent. Offering competitive compensation packages, providing opportunities for growth and development, recognizing and rewarding employees for their contributions, promoting work-life balance, encouraging open communication and feedback, and cultivating a supportive and inclusive culture are all part of this.
Thanks to Janie Doyle, SC Vehicle Hire!
#7- Creating a good shared schedule
We had to create a schedule where the departments that work together most have the same schedule so as to let them discuss things more properly. This will ensure maximum collaboration and productivity will in the office. For instance, we have our marketing and product development divisions working on-site on the same days as they work closely together. We also have our Finance and Accounting departments on the same schedule as they work hand-in-hand. Once we have optimized our employee hybrid schedules, our company retention and employee satisfaction survey have improved.
Thanks to Sharon Dylan, Management!
#8- Offering competitive compensation and benefits
In today's labor market, a few things to remember are to provide competitive wage and benefit packages. Offering a fair and competitive wage and benefits package is one of the most effective methods to retain top personnel. Employees who believe they are being appropriately compensated are more likely to remain with their current job. Top achievers desire to keep learning and progressing in their professions. Providing opportunities for training and growth might help people feel involved and motivated.
Thanks to Nick Musica, Cash for your junk car!
#9- Prioritizing employee development
Providing opportunities for skill development, training programs, and career advancement can motivate and engage employees, showing them that their professional growth is valued by the organization. Encouraging work-life balance, flexibility, and a healthy work environment can also contribute to employee satisfaction and retention. Implementing a fair and transparent performance evaluation and feedback process can further support employee growth and engagement, ensuring that top talent feels supported and appreciated in the organization.
Thanks to Bryan Robinson, Tshirt Growth!
#10- Providing health and wellness services
One uncommon way to retain top talent in my business is by providing employees with virtual health and wellness services. This includes access to online consultations with medical doctors, along with mental health resources such as meditation and life coaching sessions. By adding these services to an employee benefits package it helps them take better control of both their physical and mental health, making them more productive overall on the job – thus helping us to retain our top talent.
Thanks to Grace He, Team building!
#11- Providing career advancement opportunities
Retaining talented employees has become a concern for organizations everywhere, especially those in the technology industry. In order to ensure these employees don’t seek employment elsewhere. One reason so many individuals leave organizations is due to a lack of growth opportunities. Companies that offer a career ladder and opportunities for advancement are more likely to retain talent. Programs that offer training and mentoring can also help retain employees. With training and internal promotion, employees will see there is a career path for all employees.
Thanks to Andrew Adamo, Bullion Shark!
#12- Providing networking opportunities
We’ve managed to retain the top talent in our company and keep employee turnover low by providing networking opportunities and resources for continuous development. Employees who consistently network with leading professionals in their field will cherish the employer that facilitates this. Furthermore, the development resources we provide ensure that our top talent can advance in their careers and adapt to changes in the economy.
Thanks to Alvin Wei, SEOAnt!
#13- Investing in employee growth
As a business leader, investing in employee development and growth is one of the best ways to retain top talent. Offer employees regular training sessions, mentorship programs, and career advancement opportunities to subsidize their growth and help them acquire new skills and knowledge. Employees ultimately want to feel supported in their career development. Conducting regular individual performance reviews to share feedback and guidance on how to improve and advance is also vital to feeding employee recognition and growth.
Thanks to Guna Kakulapati, CureSkin!
#14- Being an empathetic leader
Retaining top talent within a business is no easy task. However, there are several ways that can help engage and motivate your employees. Being an empathetic leader is crucial to have under your belt. Without it, the business could become a toxic environment that might not have a great company culture. By mentoring and connecting with employees on a deeper level, their professional and personal goals can be evaluated and work toward creating a supportive network. This also encourages feedback since employees will have a strong sense of community.
Thanks to Benjamin Farber, Bristol Associates!
#15- Implementing modern performance reviews
The best way to retain your top talent is by fostering their career growth. We train leaders to conduct Modern Performance Reviews – we use these ourselves, too, as they are a proven retention strategy. By implementing Modern Performance Reviews, companies can retain their top talent by ensuring that their teams are motivated, aligned, and engaged for the long term. By having conversations about performance, career growth, and employee wellness, business leaders can ensure that they have the right people in the right seats and that their team is excited to grow in their roles.
Thanks to Lyndsy McDonald, Castle HR!
#16- Empowering employee growth
For employees, advancement and upskilling are crucial aspects of their careers. As a company, just providing greater responsibility isn’t enough. You need to ensure their skills and knowledge are growing in accordance with their internal advancement. This helps them rise to the occasion and handle additional responsibility with ease. Such individual growth not only benefits the employee but also the company at large. This begins with an in-depth assessment, coaching, upskilling programs, and a clear understanding of employees’ individual goals.
Thanks to Adam Wright, Human Tonik!
#17- Providing advancement opportunities
It's important to offer clear career paths and advancement opportunities. This can be achieved by providing regular performance feedback, creating opportunities for promotion, and offering skill-building programs. By investing in the long-term success of employees, companies can foster a culture of loyalty and commitment. Demonstrating that the company values its employees and is committed to their growth and development is key to attracting and retaining the best talent in the industry.
Thanks to Amr Salem, INKredible Scalp!
#18- Promoting flexibility
I like to promote flexibility as a part of retaining top talent. Not everyone might be able to offer this as a perk, but I find offering flexible work hours allow your team to create a better day or week that works for them and their particular lifestyle. I find most people are valuing their time much more than the money they make which means time is money. If everyone can have a bit more say in the hours they work, then they are much more inclined to create a routine that works for them and it creates a better work-life balance.
Thanks to David Williams, A Lean Life!
#19- Creating a diverse and inclusive workplace
Creating a workplace that is diverse and inclusive, where every employee's unique background and perspective is respected and valued, is crucial to retaining the best talent. To achieve this, companies can provide training on cultural sensitivity and unconscious bias, while also fostering affinity groups for employees from underrepresented groups. By actively promoting diversity and inclusion, companies can cultivate a culture of respect and acceptance that is attractive to top performers and helps to retain them.
Thanks to Rana Baroudi, Rana Baroudi Periodontics and Dental Implants!
#20- Building personal connections with the team
Getting to know my employees on a personal level helps me to understand what their goals are for their future. The benefit of being a business owner is you can cater to your staff to ensure you’re providing them with everything they need to be successful in their own endeavors. When you get to know your team better, you can ensure you are giving them the best opportunities to continue to grow within the company and therefore reducing the chances that they will want to leave.
Thanks to Vivi Yu, Vagus.net!
#21- Allowing the person to choose the workplace and time
To retain the best talent in the company, you might want to pedestalize the employee by allowing the person to choose the workplace and time. Let’s say an employee Is supposed to work 40 hours a week on average. Give the person 25 to 30 hours to work anytime and anywhere, and the rest must be in the office or a place where the company suggests. Since we are in the dawn of a new workplace that allows freedom of location, giving something special to talented employees could make them love their jobs more.
Thanks to Dan Barrett, Pacific Precious Metals!
#22- Valuing employees
Retaining top talent involves creating an environment where employees feel valued and appreciated. This includes providing competitive wages and benefits, offering flexible work arrangements, and offering opportunities for career growth and development. Additionally, employers should focus on creating a workplace culture where employees feel heard, respected, and supported. This includes providing open communication channels between managers and employees and fostering a collaborative environment that encourages innovation and creativity.
Thanks to Gretchen Boyd, NycHouseCleaners!
#23- Providing annual pay rise
Providing great benefits and annual pay rises helps to retain top talent. If you have talented workers that provide consistent work that's of high quality, then I think they need to be rewarded for this. As an employer, I always want to show my appreciation to employees. I do this through incentives such as employee of the month vouchers, extra days of holiday for birthdays, and work anniversaries, amongst other benefits. This allows me to retain top talent as employees are happy and satisfied in their roles.
Thanks to Dave Sayce, Compare My Move!
#24- Creating a culture of collaboration and trust
The best way to retain top talent is to create an environment in which employees feel valued, respected, and motivated. To do this, it is important to create a culture of collaboration and trust. This means providing employees with the resources and training needed for success, as well as encouraging open communication and feedback among team members. It also includes offering competitive salaries and benefits packages, flexible work arrangements, career development opportunities, adequate recognition for outstanding performance, and recognition programs that incentivize success.
Thanks to Shaun Martin, We Buy Houses In Denver!
#25- Offering growth opportunities
One effective way to retain top talent is by offering growth opportunities. When employees feel like they have room for growth and the potential to advance in their careers. They are more likely to stay with the company long-term. We make sure to offer training programs for our employees. We also provide opportunities to take on new responsibilities and leadership roles. By investing in our growth and development, we retain top talent. It fosters a culture of continuous learning and improvement.
Thanks to Matt Bailey, Site Logic Marketing!
#26- Prioritizing employee satisfaction
By acknowledging employees' hard work and dedication through awards, bonuses, and public recognition, companies can demonstrate their appreciation for their staff's contributions. This not only creates a sense of value and validation for employees but also reinforces a company culture that prioritizes employee satisfaction and engagement. Investing in these recognition programs can go a long way in retaining top talent and fostering a workplace environment where employees feel supported.
Thanks to Joyce Kahng, Joyce the dentist!
#27- Improving employee engagement strategy
A good method for me to retain my top talent is by improving my employee engagement strategy. The employee engagement strategy is the steps you'll take to help your top talent establish a positive emotional connection with your organization. Having a buddy and mentor system for new employees, communicating the company's vision and mission, promoting openness, receiving and giving feedback, and celebrating accomplishments and improvements are an example of some of those steps.
Thanks to Nicholas Altimore, Sir Links alot!
#28- Focus on growth and creativity
We understand that keeping our best employees happy and motivated is vital to achieving our business goals. To retain top talent, we focus on creating a positive work environment that fosters growth, creativity, and collaboration. We provide opportunities for skill development and career advancement and ensure that our employees feel valued and appreciated. One of the ways we retain our top talent is by offering a competitive compensation package that includes salaries, bonuses, and benefits.
Thanks to Rahul Vij, Webspero Solutions!
#29- Building a positive workplace culture
It’s crucial that you create a workplace environment where the people working under you feel like they are an important asset to your business. You have to ensure that they feel secure in their job position. Always greet them by name and let them know you are aware of who they are and what part they play in the company. Demonstrate that you value their input on what happens in the company whenever major changes are taking place. Empower them by encouraging them to set their own goals and choices.
Thanks to Stoyan Mitov, Dreamix!
#30- Investing in employees' career growth
Though we have a very broad strategy to secure and retain top talent, one of the best ways we retain talent is by investing in their careers and their growth. Great employees enjoy freedom, flexibility, perks, and good pay, but what they enjoy the most is when a company invests in their career growth and isn't afraid to continuously push them forward. We invest a lot in the career growth of our employees, helping them move forward in both life and their careers, and that's how we get to retain their incredible talent.
Thanks to Michael Maximoff, Belkins!