4 Incentives to Attract and Retain Top Employee Talent

4 Incentives to Attract and Retain Top Employee Talent

Conflict can sometimes arise between employees and business owners because they have fundamentally different goals. While employees want to earn as much as possible, employers want to reduce costs. This can lead to employees doing what they consider too much work for too little money. If this goes on for too long, the overworked and underpaid employees become disgruntled and quit.

High turnover can become a vicious cycle for business owners because they ultimately end up paying more in recruitment and training costs than they would in wages and benefits. Working with employees, rather than against them, is the best way to attract and retain top employee talent.

Allow Employees to Showcase Their Strengths

Most people have a skill they can perform better than anyone they know. For example, one of your employees may write exceptionally well but have little opportunity to use that skill on the job. Approaching that employee to produce a written document to announce a company meeting or summarize the meeting once it’s over are just two examples of how to let someone with this talent shine.

Keep in mind that some people will not tell others about their strong skills because they don’t want to appear boastful. That means you will really need to get to know your workers to carry out this step.

Let Your Employees Tell You What Motivates Them

Knowing what your employees like and dislike about working for your company can help you meet their needs better and ensure they have a long tenure. While some people will share this information freely, others will feel intimidated. Providing the opportunity to give feedback anonymously can help you get past this hurdle. Be sure to let employees know and even consider rewarding them when you follow through on one of their suggestions.

Recognize Excellent Performance

While people like to know that they’re doing a good job, feeling appreciated is even more important to them. When you see someone displaying impressive employee talent or even going beyond what you would expect in his or her role, be sure to recognize it. Not only will the employee feel appreciated, other employees will look to that person as an example of how they should perform in their own jobs. Just be certain to hand out praise equally or it could lead to feelings of unfairness and low morale.

Recognize the Need for Good Health

Although supporting the health goals of your employees will cost you some money, the payoff is healthier employees who take fewer sick days and remain employed longer than those who develop chronic illness. Making lunch breaks long enough for medical appointments, providing monetary incentives to stay healthy, and having a workout room are just three ideas for actions you could take as an employer to show your workers that you care about their health. Once the word gets out, you’re likely to attract new talent to your organization as well.

Wondering how else you can attract and retain the best employee talent? Schedule a consultation with one of our small business consultants today.