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8 Strategies that Companies Can Adopt to Retain Top Talent

By now, saying that the pandemic has had an enormous impact on our lives is old news.

But, a year and a bit later, there’s no denying we’ve had to make some changes to all facets of our lives, but above all our careers.

Seemingly overnight, many office-based employees were required to pack up their desks and work from home. Unfortunately, others were laid off unexpectedly, forcing them to make quick decisions about their next career moves. Not just a concern for employees, but these changes have been felt by decision-makers, too. Even in the best of times, employee retention was a challenge faced by many companies—especially given the rise of job search platforms making it easier for recruiters to pluck otherwise content employees from their current roles. Things have accelerated now, with the pandemic forcing us to rethink strategies for retaining top talent. 

Landing qualified employees can be time-consuming and if your business has a high turnover rate, then you surely know how costly that is. That’s why it’s in your company’s best interest to reduce employee retention wherever possible. In this article, we’ll go over some of the best strategies that can help your business improve employee retention. 

1. It starts with recruitment

You may be surprised to learn that employee retention starts early on in the hiring process. Chances are, your company already has a defined idea of its corporate culture and the personality types that would fit in well. So, when you’re looking to fill a particular role, you should be able to get a sense quite early on of those that meet the criteria. According to CIO, a California-based thinktank, screening applicants from the outset can help you suss out who’d be a great fit, and who might leave in just a few months’ time. You’re looking for a long-term commitment from your potential candidate, so you should be able to get a clear sense of how committed they are to your company’s success relatively early on.

2. Know what to look for in a candidate

There are a few obvious ways to identify whether or not your potential employee is in it for the long-haul. Again, while you’re recruiting for a particular role, make sure to spot any inconsistencies or discrepancies in their resumé. Are there obvious holes? Have they jumped around from employer to employer? While their reasons for this may vary—and in many instances, their reasoning is entirely justified—this can sometimes be a good indication if they’re in it for keeps. That being said, it’s something you may want to ask them about during the screening process.

3. Offer your team better benefits

While fair compensation counts for a lot where employee retention is concerned, that’s only a slice of the pie. Many employees are seeking a workplace that can provide them with adequate health and wellness benefits. In fact, job search site Monster says that putting a wellness program in place is a great way to attract—and keep—qualified candidates. We’ve collectively endured a global pandemic and if there’s anything this experience has taught us, it’s the importance of our well-being in order to function. Showing your team you care can be immensely validating for your employees. In return, they’ll feel compelled to go that extra mile for you.

4. Support and encourage their growth

If you want your team to commit to your business, you need to reciprocate. Find out where they see themselves and support their growth within our organization through mentoring and coaching opportunities, a suggestion that comes courtesy of Glassdoor. If your business’s budget allows, subsidize any professional development courses to encourage their growth.

5. Build a better culture

...and they will come (and stay for a while). As employees slowly start to return to the workplace, you want to be sure that you’re giving them the tools that they need for success. A healthy work/life balance and having one shared, united vision are just a couple of ways to forge a corporate culture that your team can get on board with. Want to know a few others? Read all about it in our 5 Keys to Building Better Corporate Culture blog post.

6. Modern equipment, modern office

Equip your team with the right tools to do their job—using up-to-date technology that will help them excel in their role—can go a long way in employee satisfaction and, ultimately, employee retention. Also, consider the space they’re working in. Under normal circumstances, employees spend roughly 60% of their time at the office so you want the space you’re in to be fresh, light, and open. In fact, a sleek and flexible design concept can actually help you attract top talent: the right space can empower them to do their jobs properly. An open concept space with plenty of natural light is a fantastic way to lift their spirits (especially during darker winter months). Demountable walls like MIMO are easily moved and reconfigured, so you can customize them to suit your space. Modern details like this help create an aesthetically-pleasing space that can even help motivate employees too.

7. Standing by your company’s core values

What brings in top talent—and keeps them committed to your company—is building a business with strong corporate values. Better yet, a company with great ethics and values says to your employees that not only do you care about their well-being, but the world around us, too. A company built on integrity, transparency, honesty, will resonate with your teams and make them feel like they’re a part of a bigger picture.

8. Prepare for the inevitable

While the pandemic has irrevocably changed the way we work, sometimes the individuals that are a part of your team just want something else. Whether they’re changing careers or focusing on their personal lives,  sometimes employees make the switch. Before, switching jobs was a pretty big deal but in today’s world, all it takes is a message on LinkedIn to learn about a new opportunity.

What should you do?

A healthy, happy company starts with a positive team of employees. There’s so much that you can do to keep them satisfied.

  • Start at the source, by learning more about your future employees and what they stand for at the recruitment phase.
  • Have a strong sense of what you’re looking for in an employee, and find out how they’ll fit in with the rest of their team and with the company in large.
  • On top of an attractive salary, provide your employees with benefits that will improve their quality of life.
  • Encourage internal growth within your company by providing them with ample personal development opportunities.
  • Offer an inclusive workspace that adopts and satisfies different personalities.
  • Equip them with the best technology and, if your budget allows, design an inspiring work environment that sows a more positive vibe.
  • Create an inclusive environment, one that feels positive, upbeat, and welcoming. 

By employing some of the above strategies, you’ll help keep your employees feeling right at home with your business for a long time to come. And when that’s the case, everybody wins because a happy employee is a positive, productive employee—the best-case scenario for them and your business.

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