Good employees form the backbone of any firm. They form the building blocks upon which a successful organization stands. Employees can make or break any organization. So, good hires, identification of great talent, nurturing them, giving them a chance to grow and thus retaining them is crucial for any firm. In this overly competitive environment, where no one leaves any stone unturned to help their organization achieve their business goals and reach the pinnacles of success by poaching good employees, retention of top talent within any firm is of fundamental importance.

A great retention strategy is an ongoing process that starts from the moment a candidate is recruited. From hiring the right person with the right amount of skill set, aligning the company’s vision, mission and goals with the person’s ideology, guiding him/her the correct way from the beginning along with perks and benefits, providing opportunities along its way, valuing the candidate and making him/her the integral part of the firm are some things that constitute a good retention strategy.

 What are some of the ways to retain top performers?

Some of the ways that can be used for retaining top performers in a firm are:

• Recognize the employee’s worth and its value to the company: Top performers in any field want to be recognized and appreciated for their hard work and their contributions to the task-at-hand. Few words of encouragement can work miracles for them and thus give them the boost to put in their 200% in the next project. They appreciate that their hard work is valued and is not going unnoticed. Continuous praise will increase their productivity and return.

• Providing honest reviews, constructive criticism to the employee: A great talent will not just want appreciation, but will also be willing to learn whenever mistakes occur. So, providing honest reviews not only gives them a clear idea about their positioning but also provides them with the areas where they can improve to top their games. It will help them to see this feedback as a growth opportunity where they can improve.

• Providing the employee clear guidance and path for career progression: Guiding the employee from the beginning, allowing and encouraging him/her to learn new skills, to keep up-to-date with new trends, providing a clear guide as to how their career can progress in the organization in the future can help in employee retention.

• Taking care of the employee’s happiness and well-being: A happy employee will work wholeheartedly for the company and provide maximum positive returns. An employee who is satisfied with the work culture is more likely to stay in the company longer. So, providing a good work culture, taking care of your employee’s happiness is something that can provide much information regarding an employee.

• Allow the employees to participate, seek their inputs and allow them to share their ideas: An employee knows that he/she is considered important when they are allowed to share their ideas, their opinions are asked. It makes them feel included and they think that they are also an important part of the firm and will provide great, fresh ideas.

• Employee’s growth is of paramount importance and thus investing in their growth is necessary: Top-performing individuals are driven by their desire to grow be it personally or professionally and they like to flourish in an environment that helps them to do so. So, creating opportunities for their growth and allowing them to embark on such journeys helps in the retention of top performers.

• Provide them with new responsibilities and help them grow their skill set in all horizons: Giving a new set of responsibilities to any candidate is an indication that the person is ready to take on a new mantle and has the abilities to ace them. When provided with new responsibilities, the candidate also feels motivated seeing that the organization has trust in his abilities and is trusting him/her with new projects. Allow them to mentor new candidates which also serves as a test for them as to how they are as team leaders. This provides them with a feeling of accomplishment and thus motivated them for a positive career progression with the company.

• Allow for flexibility: A rigid working schedule is mandatory for a workplace, but some kind of flexibility like flexible working hours, mobility, remote working options and many more, needs to be there in case of emergencies. Anyone will appreciate an environment where needs are understood and cared for. Nowadays, most of the workplaces are adapting to flexible working hours, which the employees love and they are likely to stick around longer in firms that provide them what their heart desires.

• Give the top performers the liberty to function on their own, treat them as fellow partners: No one likes to be micromanaged. Give the employees the freedom to do things their way, have faith in their abilities, treat them as important personas and trust them. Retaining top-level candidates means the company wants them to promote to positions of power one day, give them the freedom to deliver what you expect from them.

• Provide the right kind of benefits, perks and monetary motivation, i.e.; reward them: Benefits and perks go a long way in keeping the employees happy and motivated. Attractive healthcare packages, paid leaves, flexible working hours, higher packages, vacations, attractive bonuses are some of the options to keep the employees interested in the long haul. Nowadays, providing various kinds of stock options to the employees are also favoured, which makes the employees part-owner of the company. Providing continuous appraisals, based on the work done by the employees also serves as a great motivator.

• Communication is the key to healthy and long-term relationships: Open and transparent communication is the bedrock for fostering good relationships with your employees. Encouraging an open atmosphere where all the employees can speak, share ideas, communicate freely, have a fun environment with light banter and transparent goals, makes an ideal atmosphere for retaining top talent.

Retention of top performers is important for an organization to achieve its business goals and thus it is a long-term strategy. Good workplace culture tops the strategic checkpoints for retention of employees. A good workplace breeds good employees who are more productive. So, in this competitive landscape where retaining a good workforce is a growing challenge, firms must carry out regular methods to retain them and thereby think about their long-term goals. There goes a debate which says, offering cash benefits is not a very effective way to retain top performers, what are your views on this?