One of the reasons leading companies in the Building and Design Industries are successful is due to the high performance of its employees and the significant contribution they make to an organisation. Top talent contribute to the company’s bottom line and ensures the business achieves its key goals and objectives. It makes good business sense to retain your best employees and to keep them motivated and engaged.
Following are seven strategies for retaining top talent;
1. Provide career progression opportunities – growth and advancement opportunities are important for retaining your best employees. Promotion from within a company demonstrates to top talent that they are valued and an asset to the company. It gives them something to strive for. Make it clear to high performers that they have opportunities to grow and be promoted within the organisation.
2. Learning and development for your employees – invest in your employees by providing regular learning and training opportunities. Show that you are committed to their on-going development and value the contribution that they make to the organisation. Give your top performers more responsibilities and projects where they are able to utilise their newly acquired skills.
3. Competitive compensation and benefits – with the cost of living and inflation impacting employees’ lives, ensuring your best employees are paid adequately are one of the strategies for retaining top talent. It’s important to regularly review the payment scale that your employees are on in relation with the responsibilities that they hold. Compare it with the HR salary guide at the time to make sure it is on par with the market. A strong compensation package helps to keep your top talent around longer. Additionally, company benefits such as having birthdays off, providing team lunches and delivering health and well-being programs can assist in the retention of talent.
4. Foster a positive company culture – increasingly, a company’s culture is playing a significant role in what attracts and retains top talent. When employees feel a sense of belonging in the work environment, top talent are more likely to be loyal. Feeling aligned with the company culture motivates and drives top talent to perform so business objectives are achieved.
5. Provide a supportive work environment – another strategy for retaining top talent includes having a work environment that is open and supportive. An ‘open-door’ policy encourages employees to approach their manager should they have any issue they wish to address. Having open communication and the freedom to share new ideas and thoughts promotes a positive team atmosphere.
6. Acknowledge and recognise employee efforts – when employees puts in effort and hard work, simply being thanked by their manager goes a long way. Show appreciation towards your employees for the contribution they make. Publicly recognising and rewarding employee achievements by having a staff appreciation meeting to recognise employee accomplishments gives top performers a sense they are highly valued.
7. Offering flexible work arrangements – the COVID-19 pandemic has made many people evaluate their lives especially when it comes to their work/life balance. Where it’s fitting for the role, offering flexible office and working from home arrangements increases an employees’ satisfaction and attracts and retains top talent. It also shows the employer can trust employees to be productive regardless of where they work. However we understand in some roles, particularly showroom roles this may not be possible.
Employee retention strategies, especially when it comes to top talent in the building and design industries, are important as they help to reduce employee turnover and creates stability within a company. A productive and successful workforce assists in achieving business goals and can help in attracting top talent.
By providing career progression opportunities, having your employees continually learning and developing, paying your employees competitively, fostering a positive company culture, providing a supportive work environment, recognising your employees’ efforts and offering flexible work arrangements, they assist in keeping your high performing employees motivated and engaged.
Establish strategies for retaining top talent and you’ll have loyal high performing employees who are invested in your company long term. In turn, you’ll see improved business performance and success in all areas of your building and design business.