Approximately 3 in 4 employers claim that retention and attraction is one of their top five greatest challenges. Retaining valuable employees is the first step in strengthening a company’s workforce. When top employees are content and stay with the company, employers have a stronger foundation when attracting new talent.
What do key employees look like?
A key employee has a great impact on the company through their considerable skillset, knowledge, and high performance. This employee is valuable and would be very difficult to replace. These employees:
- Go above and beyond. They exceed expectations and over-achieve.
- Solve problems. They improve company strategies and better the company on a large scale.
- Are integral to the company’s performance. When these employees are away, their absence can be felt as their presence is so impactful to daily operations.
- Build strong connections. Both internally and externally, the employees have meaningful relationships. The loss of a key employee could result in the loss of clients, vendors, or even other employees.
How to keep key employees
Once key employees are identified, employers have a greater chance of retaining them. Here are 3 ways to keep the most impactful employees interested:
- Be responsive. Employees need to feel valued and important. Employers should be proactive in making sure their key employees are satisfied with their employment.
- Offer competitive compensation. Key employees are the best for a reason. By offering competitive compensation, workers will feel appreciated and be more likely to stay. Additionally, the employee benefits offerings should meet or exceed employees’ needs.
- Provide room for growth. Top workers are always looking for ways to better themselves. By offering professional development opportunities, employees can satiate their need to learn and advance their skill sets.
When companies can retain their best workers, attracting more impactful employees becomes easier. Prospective employees want to work for an organization that celebrates and appreciates its top workers. Additionally, new hires will strive to become one of the top performers to achieve the same level of respect and value. It’s important to remember an organization is as strong as the employees who work for it.