Top employees are up to eight times more productive than average workers. Although you might be receiving plenty of resumes due to the ever-increasing candidate pool in engineering and management, finding strong performers can still be a challenge. So, retaining the top performers that you already have always has to be a main priority. Don’t automatically assume that financial incentives are the best solution for retaining key employees. Here are some potentially better alternatives to retain top employees during changing times.
Identify Top Employees
The first step is recognizing who your top performers are. Then, after you have an accurate roster, focus on retaining your best people for the critical areas of your business. For instance, if you want to be a brand known for successful software and app development, then you need to protect your IT project managers. Most businesses only average about 5 top performers per every 100 employees. Find these assets and keep them satisfied.
Focus on Individual Needs
If you want to retain a diverse workforce, then a standard retention package isn’t going to be very persuasive. Specific employees have different mindsets, values and motivations. Therefore, make your retention strategies more individualized based on the needs of specific employees. Let’s compare the needs of family-oriented employees versus those people that are more career-driven. Some solutions for retaining the former group include remote work opportunities, assistance finding quality schools and increasing base pay. However, the latter group typically prefers cash bonuses and frequent promotions.
Find What’s More Effective Than Cash
Remember that retention is about more than money. In addition to competitive financial incentives, the best project managers want to work for companies that also have the following qualities:
- Great leadership – Strong leaders that are inspirational and supportive.
- Positive reputations – Businesses that live by their values, promote inclusive work cultures, and make contributions to society.
- Interesting work – Companies that offer intriguing projects and plenty of opportunities for advancement.
- Unique rewards – Offer employees nonfinancial forms of recognition.
Money still plays an important role in the hiring and retention process. But, if you combine it with regular praise from managers, frequent promotions, and opportunities to lead projects, then you will really be able to retain more of your top employees during challenging times.
High-quality employees are more productive and should never be considered expendable. Strive to build a small team of all-star talent rather than a big team of average employees using the tips that we shared here.
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