{"id":5453,"date":"2022-04-07T00:00:00","date_gmt":"2022-04-06T14:00:00","guid":{"rendered":"https:\/\/www.fprs.com.au\/top-4-retention-strategies-for-holding-onto-your-best-talent-2\/"},"modified":"2022-06-24T13:25:11","modified_gmt":"2022-06-24T03:25:11","slug":"top-4-retention-strategies-for-holding-onto-your-best-talent-2","status":"publish","type":"post","link":"https:\/\/www.fprs.com.au\/top-4-retention-strategies-for-holding-onto-your-best-talent-2\/","title":{"rendered":"Top 4 Retention Strategies for Holding onto Your Best Talent"},"content":{"rendered":"

\n\t\"Top<\/p>\n

\n

\n\t\tThe costs of employee turnover are increasingly high in today\u2019s market and extend far beyond monetary costs to the very fabric of the business. The payoff for employee retention, however, is even higher, with organisations enjoying myriad benefits that range from increased productivity and better performance to improved morale and a stronger company culture \u2013 all of which can have a direct impact on the bottom line. <\/span><\/font><\/p>\n

\n\t\t <\/p>\n

\n\t\tBy prioritising employee retention, businesses can hold onto talented people who will continue to drive their success in the long term. So, how do you win the retention battle? Here are our key recommendations for how to retain top talent. <\/span><\/font><\/p>\n

\n\t\t <\/h2>\n

\n\t\t1. Leverage the Right Benefits and Rewards <\/h2>\n

\n\t\t <\/p>\n

\n\t\tRewards and benefits play a significant role in keeping employees engaged and motivated at work. While financial incentives (including competitive remuneration) are a good place to start, keep in mind that rewards don\u2019t have to be monetary to be effective as an employee retention strategy. Verbal praise, an employee of the month program or even a simple \u201cthank you\u201d can often be just as meaningful. When people feel that their contributions are appreciated, they tend to be more motivated and loyal to their employer.  <\/span><\/font><\/p>\n

\n\t\t <\/p>\n

\n\t\tWhen it comes to perks and benefits, the possibilities range from discounted gym memberships and Friday office lunches to annual bonuses. However, one of the most impactful (and most valued by employees) is flexible work arrangements. Whether it is work-from-home opportunities, job sharing or variable start and finish times, flexibility can go a long way towards keeping people engaged in your business. <\/span><\/font><\/p>\n

\n\t\t <\/p>\n

\n\t\t\"Personalise<\/p>\n

\n\t\t <\/p>\n

\n\t\t <\/h2>\n

\n\t\t2. Be Intentional About Progression and Development <\/span><\/font><\/h2>\n

\n\t\t <\/p>\n

\n\t\tTop employees want to know that they have a future with your organisation and that you\u2019re invested in their professional goals \u2013 specifically, through opportunities for growth, advancement and development. As such, ongoing learning needs to be a core value of the business. From internal training and mentorship to formal education programs, giving your employees chances to learn and upskill can help them feel more valued and invested, and can be a powerful incentive to stay. <\/span><\/font><\/p>\n

\n\t\t <\/p>\n

\n\t\t <\/p>\n

\n\t\t\"MeetWhile training can help people acquire new skills, it\u2019s also important to provide a clear path for  progression. Are there opportunities for advancement throughout the organisation? Which employees are likely to play a key role in the future of the business? How does employee retention and advancement fit within the overall corporate vision? We recommend keeping progression pathways flexible and meeting with team members regularly to discuss how they can achieve their professional goals within your organisation.  <\/span><\/div>\n

\n\t\t <\/h2>\n

\n\t\t3. Create a Culture of Communication <\/h2>\n

\n\t\t <\/p>\n

\n\t\tOne commonly underestimated employee retention strategy is fostering a culture of transparent feedback and communication. This is the foundation of many other retention efforts and should be in place well before an exit interview becomes necessary. People want to know that they\u2019re involved in the company\u2019s developments, that their wellbeing matters and that their perspectives are valued.  <\/span><\/font><\/p>\n

\n\t\t <\/p>\n

\n\t\tAlthough this communication can come through employee engagement surveys and official feedback sessions, casual conversations and informal digital forums (e.g. a dedicated channel of MS Teams) can be equally as effective. However you choose to approach it, focus on questions such as: <\/span><\/font><\/p>\n