Smart Retention Strategies

The challenging steps to land a talented new employee are complete. They have the skills you want. They align with the organization’s culture and they have good chemistry with the other team members. How can you ensure your new hire will make a long term commitment to your company? Here are some suggested retention strategies to seal the deal!

Set Attainable Goals

Talented professionals want the opportunity to grow their careers. They need attainable goals to keep them on track toward that success. These goals need to align with the company’s overall objectives to be effective. Attainable goals are precise and quantifiable. If a goal is too broad, it will be difficult to track, measure, monitor, and ultimately, achieve. Goals should also be pertinent and realistic. Each smaller milestone should relate to broader objectives. If your overall objective is to gain more clients, the smaller goals should reflect that. To be realistic, goals also need to have a reasonable scale and timeline. So, acquiring a set number of clients in a certain timeframe is a format that could be used to establish goals around growing a client base.

Performance-Based Incentives

Performance-based incentives are one way to keep employees motivated by rewarding them for their achievements. One approach is to give employees bonuses based on their performance reviews. Another approach is to give bonuses based on production goals. Incentives like these can help employees feel a greater commitment to the organization. Employees want to see the company succeed, and it feels even better if they see how they are contributing to that success. Monetary bonuses are a tangible expression of their success. A sense of accomplishment almost always helps with job satisfaction and, therefore, retention.

Develop Trust

Building trust between new employees, their managers, and the company as a whole is paramount. Distrust is the fastest way to send a talented employee looking for another job. Employees want to trust their managers, but more importantly, they want to feel like their managers trust them. It is important that you make yourself available and to practice good communication skills. The key is to provide constructive feedback without micromanaging. You want to be able to train and assist new employees without taking away their sense of autonomy.

Show Appreciation

Your employees want to feel valued and recognized. Showing appreciation either informally or formally will get you “more bang for the buck.” Taking an employee out to lunch, giving them a gift card or some hearty congratulations during a morning meeting will acknowledge success and recognize achievements. It will be a “win-win” for both the new talent and encourage a long-lasting working relationship within your company.

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