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How to Retain Top Talent

Posted by Eric Friedman

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In a competitive job market, the secret to retaining your company’s top talent usually lies in the type of compensation packages offered. As many human resources professionals can attest, hiring in today’s job market is competitive. Being able to attract and recruit effectively hinges on what you as a recruiter can offer. Above and beyond salary, there are several other ways for employers to compensate their top performers and keep them within the company.

According to a recent survey by Paycom.com, the top reasons employees leave are a lack of trust in senior leadership, ‘>insufficient pay, unhealthy/undesirable culture, and a l’>ack of concern for development. They also go on to state that for every top performer that leaves, an average of two other top performers follow. That’s why it’s more important than ever to keep your talent happy by providing competitive compensation packages.

Here are a few ways use your compensation benefits to retain top talent.

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Provide continuous career development

Most Human Resources departments don’t think of it this way, but providing career development is an excellent perk to offer employees. Technologies change so frequently that it’s imperative to stay on top of training in every industry. This not only helps the company, but it makes your employees more accomplished. It’s important as a company to have employees who are well-known within their industry, since they can shine a light on the company when make conference appearances, etc.

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Provide competitive salaries

One of the biggest reasons employees leave their company is a lack of adequate salary. If you have really good talent in house, they may be getting 2-3 offers a month from companies that are able to pay more and offer better benefits. Making sure that your salaries match the market rate will keep them working for your company a lot longer. There are several free tools out there that allow employers to determine what they should be paying their employees, based on a variety of factors.

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Help them prepare for retirement

According to financial experts, most employees will require 75-80% of their current salary each year to keep up with their current lifestyle after leaving the workforce. Find ways to help your talent invest in retirement savings so that staying with your company helps them prepare for their future. Being proactive in this area will reward your top talent for staying with your company until they retire.

When it comes to retaining top talent, it’s important to understand their career and personal goals so you can fine-tune your compensation benefits. If you’re not able to retain top talent, your company will suffer from having to train and retrain employees, and this can distract from product development and company growth. Holding on to these high performers and keeping them happy is well worth the time and the effort of making it a priority for your HR department.

Beating the Odds

Hiring employees is only the first step on the way to building a strong and engaged workforce. Employee retention is critical to a successful business, since you cannot achieve your goals without experienced and qualified staff. Retaining the best talent is a real challenge today, and one that requires a complex and careful approach. DOWNLOAD
About Eric Friedman

Author


Eric Friedman is the founder and CEO of eSkill Corporation, a leading provider of online skills assessment for pre-employment selection and training. Since 2003, eSkill has tested millions of job candidates for employers worldwide such as Zappos, ADP, Coca-Cola, Randstad, and GE. With academic degrees in Psychology and Business, and experience with both mature and expansion-stage company growth, Eric has focused on how to hire and motivate team members to be the best they can be for their roles.
To learn more about Eric and eSkill, visit the company website at www.eskill.com , or contact him on LinkedIn.

4 COMMENTS Join the discussion
  • Dan August, 15, 2013

    The most talented employees realize that they constitute a valuable asset and every so often make use of this knowledge. But I wouldn’t blame people for making high demands if they are really worth the trouble.

  • Marissa August, 16, 2013

    Most people, not excluding top talented ones, work for money, not for food, not for entertainment, not for recognition. As a result money is the most powerful tool for retaining employees. It only proves my idea of money always being a weighty factor!

  • Stephanie August, 17, 2013

    Nowadays there’s a real war for talents and headhunters use all the possible ways to lure the most valuable employees away. To be able to confront the threat of talent loss you have to equip yourself with understanding what employees really want. I have some tips here: they want money, recognition and development. Give them these and you’ll find yourself literally drowning in the pool of talents!

  • Jack August, 18, 2013

    Employment market is very unpredictable and losing top talented employees is too high a stake! But I’m not sure that the strategy of giving your talents everything they please is a good one. Won’t it make your talents even more demanding and less responsible?

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Guest August, 18, 2013