Tips for Retaining Top Talent

By strengthening onboarding procedures, providing robust development opportunities, committing to work-life balance, and communicating openly with employees, HR leaders can help stave off turnover.

By Tiffani Martinez

Whether the chips are up or down, retaining top talent remains a critical priority for organizations in any industry. When businesses keep top talent, their productivity is enhanced and the overall company culture is improved. Turnover costs can be astronomical, so having strong retention plans benefits businesses of all kinds.  

By understanding the aspects that contribute to employee satisfaction and commitment to the organization, companies can not only regularly attract top talent but also ensure long-term retention.  

Turnover Challenges 

Employers can face immense challenges when it comes to retaining top talent. High-performing employees often have their pick of places to work and competitive offers that sometimes organizations simply cannot match, so organizations should offer competitive benefits and salaries that fit within their budgets.  

High-performing employees also seek out advancement and continuing learning opportunities. If organizations cannot offer these opportunities due to budgetary constraints or a lack of development planning, their high-performing employees may seek roles elsewhere. 

Work-life balance is also a priority for high-performing employees. The demand for flexible work arrangements has been high since the pandemic, and top talent who run up against inflexible work arrangements are not apt to stay around for long.  

With these and other challenges, organizations can benefit from having a robust set of strategies to attract and retain top talent to their businesses.  

Effective Onboarding 

First impressions are essential. If a business hires a high performer, the onboarding approach must be comprehensive and organized, with well-structured programs that take a long-term approach to training and go beyond just an employee’s initial orientation. New employees should come away feeling comfortable with their new role and clear about expectations. 

Company culture also needs to be addressed in onboarding. New employees should feel that their values align with the company’s values, which can be crucial for long-term retention.  

Onboarding should also include regular check-ins from leadership and clarity about continuous learning opportunities and mentorships. However, even if an employee has been targeted as top talent, they should not be left to their own devices, especially at the beginning.  

Once top talent has been onboarded, contributions to the organization should be recognized and rewarded. By implementing regular recognition programs, organizations can show that they value top talent and what these high performers bring to the business.  

Rewards should not stop at one-off recognition but be reflected in a robust compensation and benefits package. The organization should also consider non-monetary rewards and incentives for top performers to keep them motivated.  

Enhancing Professional Development 

Top performers are constantly learning and seeking to uplevel their skills. Organizations that want to attract and retain talent must offer continuing education and professional development opportunities.  

Top talent should also have clearly defined career paths within the organization if they want to grow alongside the business in the future. By implementing development programs and mentorship opportunities, potential candidates can envision a long-term career within the organization. 

Committing to Work-Life Balance 

Flexible working arrangements are becoming the status quo in the wake of the COVID-19 pandemic, after which point many workers went remote and stayed there. Offering fully remote work can be a great way to retain top employees from anywhere in the world. Other flexible benefits that organizations can use to entice high-performing employees include robust paid time off and wellness initiatives that reward employees for staying healthy. Taking an approach that employee wellness and family come first can be a great way to entice top talent to stick with an organization.  

Sometimes, organizations can be blindsided by a top performer quitting or hearing about someone being dissatisfied with their roles. Open communication within the organization can solve this issue and avoid any disappointing surprises. Regular employee surveys, establishing transparent feedback mechanisms, and promoting transparency from the top down can be great ways to avoid miscommunication and misunderstandings.  

The Role of Effective Leadership 

It’s been said that people don’t leave bad jobs; they leave bad managers. Poor management can lead to a number of ills in the workplace, including top talent becoming disenchanted with their roles and much more likely to leave for better opportunities.  

Overbearing, micromanaging leaders can cause top performers to feel like their contributions are not being recognized or appreciated. To remedy this issue, organizations should lean on their open communication policies and genuinely listen to employees when they hear word spreading amongst team members about bad management. Typically, the signs of poor management are made crystal clear so long as organizations take the time to hear people out. 

For organizations to succeed within their industries, they will need to develop ways to attract and retain top talent. By applying the strategies and focusing on continuous retention efforts, organizations can reap the benefits of having the top people at the helm for years to come. 

Tiffani Martinez is the human resources director for Otter PR.