Keeping your business running at peak efficiency is about one thing and one thing only – maximizing the contributions you get from your employees. The single most important factor that impacts the contributions you get from your employees is their talent and abilities. Keeping the most talented and able employees at your business is critical for staying on top of your industry. If your business has started losing talent, you need to take action immediately to get on the right track again. Here are things that you can do when your business is losing talent.
Hold Stay Interviews
The first thing that you can do when your business is losing talent is to hold stay interviews with employees you suspect may leave. Holding stay interviews is a great way to talk with employees before they leave and see what you can do to encourage them to stay. Worst case scenario if that employee leaves anyway, at least you can have a better understanding of what factors influenced their decision to work towards a better future. If you have been losing talent consistently and can identify employees at risk, then holding stay interviews can be a great way to set things right.
Revisit the Benefits Package
Another important thing to do when your business is losing talent is to revisit your employee benefits package. If your employees are leaving it may be because they aren’t getting the same quality of benefits from your company that they can get from your competitors. For instance, some dental insurance plans only pay for medically necessary treatments. If you are offering health insurance plans that don’t really cover much, employees could get frustrated and look for better options. Maximizing your benefits package can encourage employees to stick around.
The final and most effective thing that you can and should do when your business is losing talent is to give raises to your employees. If employees are leaving across the board, the odds are you simply aren’t offering very competitive salaries. Giving out raises may come with costs to your business, keeping good talent long-term more than pays for this cost over time. If your best employees are starting to leave, offer them raises to stick around.
Losing talent at your business can have truly detrimental effects on your business. Getting employees to stay can be tricky, however. With these three tips and steps, you can keep your business from losing even more talent.
Check out this article on the biggest challenges that today’s workforce faces!