Whether you are a small business owner or CEO of a large corporation, you are probably well aware of the high cost of employee turnover. Many businesses focus on acquiring talent, but do not have leadership management, development and employee coaching programs in place that are the key to driving talent retention.
If you know talent retention rates improve the profitability of your business, why have you not done more to improve your retention rates? For most business owners, it is simply a matter of not knowing where to start. According to Entrepreneur magazine, here are four smart ways to retain talent:
- Offer Employee Development Courses & Ongoing Career Coaching
- Offer Attractive Pay Rates
- Offer an Impressive Benefits Package
- Offer Bonuses and Other Incentives
For many business owners, these methods are all intertwined. In order to fund employee development programs, pay increases and better benefits and bonuses, businesses need to reduce overhead costs and increase revenue. One effective method to reducing overhead cost is demonstrating the value of your employees through ongoing career coaching and feedback that recognises the benefits they bring to your company.
Often trying to decide how to approach developing an effective retention strategy presents a huge stumbling block for businesses. Not being sure where to start or the right development and coaching programs to provide can delay the implementation of an employee retention strategy. Seeking outside help from experts who specialise in crafting effective development and coaching programs for employee retention allows businesses to focus on the monetary retention incentives without having to sacrifice investing in ongoing development, coaching and feedback.
Providing development for your employees that gives them a clear path to career growth does more than lower staffing costs. It also improves morale and productivity, making each hire that you make more valuable to your business. As a business owner and leader, you owe it to your team and your business to prioritise retention in your business strategy.
Let Polevault use our experience to assess your business and craft programs designed to help you hire and keep the best talent in your industry.