Losing top talent is costly. Losing an entry-level employee can cost upwards of $30,000 and losing managers or specialized talent can cost an entire year’s salary. But retaining top talent isn’t just about saving time and money on recruitment. It’s really about keeping your business competitive. Continuity of staff helps keep customer satisfaction levels high, increases sales, ensures a happier and more productive workforce, and allows for succession planning. Use these strategies to retain top talent and maintain your competitive edge.
Communicate Expectations Clearly
Employees cannot deliver what you want if they don’t know exactly what is expected of them. It’s acceptable for expectations to change, just make sure they are communicated clearly and revisited regularly.
Coach (Or Dismiss) Poor Managers
The number one reason people leave jobs is because of managers. If there are leaders who are experiencing high turnover on their teams, it’s time to take a closer look at what’s happening. Coach struggling managers to help them become better. In some cases, you may have to cut ties with a poor manager.
Allow Employees To Use Their Talents
Employees whose talents are wasted will not be happy or satisfied with work. Learn employees’ true skills and talents and assign work that will allow them to thrive.
Be Fair and Consistent
Resentment can spread if employees perceive that certain employees are given leeway to break rules, if the wrong people are constantly promoted, if some employees always seem to get the best assignments, etc. Enforce rules consistently across the board and hand out assignments and clients based on fairness rather than favorites.
Pay Well
If a good employee finds out that someone new is earning the same salary – or worse, earning more – they will feel cheated. Review salaries regularly to make sure you are offering fair pay and ensure that talented veterans are given performance-based raises commensurate with their contributions.
Offer Development Opportunities
Talented people want to learn and grow in their careers. If they feel stagnant, they will seek out greener pastures. Provide training and development opportunities, allow employees to take on new challenges and help employees with leadership potential see a clear path for growth in the organization.
Meet With Employees Regularly
It’s easy to spend the majority of your energy on employees who need help, but ignoring talented people and top contributors inadvertently sends the message that they are not valuable. Take time each quarter to meet with every employee to review goals, talk about challenges, provide feedback and learn what employees want from their jobs.
Are You Struggling to Hire?
If you are looking for more tips on boosting retention or if you are searching for highly motivated sales and marketing talent for your ag business, contact the agricultural industry staffing experts at Morris Bixby Group. Our proven strategies for success can help you achieve your recruiting and retention goals.