Businesses worldwide have realized that recruiting top talent and retaining them for the long term is critical to their growth and success. The cost of recruiting new talent is always more than retaining the existing talent. This is why employee retention is key for all employers.

Based on LinkedIn’s data, the worldwide turnover rate stands at 10.9 per cent. This figure is even higher for the tech sector, standing at 13.2 percent. However, we at Softest, a tech talent recruitment agency, have arrived at these proven strategies for employers to retain their greatest asset, their people.

Here are our top 7 strategies to retain top talent:

1. Identifying people who will stay long term:

With the large pool of talent available as potential candidates, employers should carefully pick those who are likely to stay in the long term and those who meet the specific requirements of the role.

According to a Glassdoor survey, 37% of hiring managers say that new hires would stay longer if they were better informed during the hiring process. Staying clear and transparent about the job description will lead to hiring someone that is interested in the role, thereby reducing employee turnover.

2. Skills Development

Employers should make conscious effort to identify the skills gap in their workforce and encourage them to make use of the suitable professional development opportunities. In some organizations, employees are given a choice for career mobility, and, if required, adjustments in their working hours to pursue their education and training for upskilling. When given a choice, employees are likely to choose and stay in the organization that is committed to investing in their professional growth.

3. Recognition of work

It is only natural that when employees feel undervalued and unappreciated, they look for alternative employment. This emphasizes the importance of a recognition culture in the workplace. Appreciation of the efforts and hard work of employees makes them feel that their contributions are recognised and valued by the organisation.

Small gestures like these need not be expensive or grand. Personalized congratulatory messages and verbal praises are some of the small but powerful ways of showing appreciation. When compared to cash awards, verbal appreciations and recognitions are proven to be more effective.

4. Open dialogue

One of the best ways of keeping employees interested in the company’s business and operations is through updating them on internal developments. Sharing milestones, initiating a feedback loop, accepting suggestions from employees at all levels, and having open conversations are significant ways of helping employees feel empowered and motivated for the progress of the business. This, in turn, helps to retain people in the business. Two-way communication is the key.

 5. Investing in technology

There is always scope for improvement in the workplace. This is especially the case in a world driven by technology and science, which seems to change the business landscape every few years. These days only thing constant is change. As software, technology seem to be improving at an exponential pace, upgrading the business to keep up with the latest technology can be very expensive. However, not investing in technology can be suicidal for the organization. Not keeping up with the technology doesn’t just hamper the productivity of your employees but also demotivates them, making them look for alternative options.

Investing in the latest software and technology or an automated tool in the workplace will help the workforce and increase the quality of their output, as well as make them feel that the organization cares about them

 6. Ensuring a smooth onboarding process

Employers should ensure that every new employee goes through a smooth onboarding process. Unnecessary delays and lack of communication should be avoided as much as possible since they might hamper the candidate’s perception of the company.

With the help of a friendly colleague, employers should educate the new member of the team about the company’s culture. This will help make them feel comfortable, foster a sense of belongingness, and send out a clear message of a caring and nurturing system in place.

7. Work-life balance  

Amongst employees, a poor work-life balance is one of the most common reasons for leaving a job.  High workload and the pressures of the job can lead to burnout and substantially reduce the productivity of your people. As an employer, you should emphasize the importance of mental health and wellbeing. This is more of an issue these days in the present world of remote working. Organizations should conduct mental health webinars and share resources that help employees tackle stress.

For more details, read our blog – Team Collaboration Tools for Remote Employees

Companies should adopt appropriate employee engagement activities, such as professional development, an increased focus on mental health, recognition and appreciation and other benefits as means of looking after their top talent. This in turn will go a long way to build your brand equity and earn employees’ loyalty keeping them motivated to stay longer in your business.

We at Softest have made a separate blog highlighting the employee engagement trends in 2021. You may read it here.

If you are looking to professionally manage your technical talent sourcing and recruitment, you may
count on us. Please feel free to reach out.

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