We all know that a talented and productive employee base is key to a company’s success; however, many leaders seem to be unclear on what it takes to retain their top performers. Unlike what you may think, competitive compensation is only one piece of the puzzle when it comes to keeping your rockstars on your team. There are a couple of other factors to consider when it comes to employee retention: cultivating a culture of respect and investing in your employees.
The culture and values of an organization are among the top factors employees consider before they choose to make a transition, and true company culture is driven less by value statements on a company's website and more by the actions taken by leaders within the organization. Since employees often look to the actions of their leaders to determine what values truly define the company's culture, leaders should look for opportunities to show their employees that they value their employees' work. Sometimes flexible vacation time or unexpected recognition can lead to employees feeling respected, and this culture of respect can drive retention more than compensation.
In fact, competitive compensation and benefits is not the only way to invest in your employees. You can also invest in the professional growth of your employees and further solidify their commitment to your company. If you’re not providing your employees with a clear career pathway at your company and meaningful professional development opportunities, it may lead them to choose to jump ship for another opportunity. Making professional development and career growth a top priority at your company will ensure that your A players stick around. Create a culture where your employees are encouraged to speak to their direct managers about upper mobility at your company, and equip your managers with the information they need to coach their team towards the career pathways they envision. Being able to show your employees that they have meaningful opportunities to grow at your company is critical to employee retention.
While compensation is an important component of attracting and retaining talent, company culture and professional development opportunities are important factors that drive workplace happiness and employee retention. By making these a priority, you'll reduce employee turnover and keep your A players on the team.