Effective Strategies to Retain Your Key Employees

How often have you been frustrated by one of your current service providers, who advertise a  special rate to their new clients while making no effort to keep you as a current customer? This  feeling of frustration is often experienced by employees who learn that a new hire to the  organization is earning a higher rate of pay or receiving a better entitlement to vacation than  they are; considering they have employed for a longer period. When a belief of unfairness  occurs, dissatisfied employees, show their displeasure by walking out the door and dusting of  their feet. 

In this article, we share the impact and the importance of retaining your valuable employees and the benefits to your business in the short  and long term. 

In her article "Five Hidden Costs of Employee Attrition," written in March 2023 for Forbes.com,  Lisa Wallace, Cofounder & Co-CEO, Assemble, identifies the resulting costs of productivity,  employee burnout, lost tribal [institutional] knowledge, time to hire and train, and the risk of  new hires to an organization when good employees leave. I would also add the reputational  cost to this list as shareholders, suppliers, your own employees, and other constituents wonder  why you are not able to retain quality people in  

your organization. 

Further, in this digital age, where employees  freely post their thoughts about their work  

environments on Glassdoor, Indeed, TikTok, Instagram, and other platforms, it is necessary to  keep your employees engaged and satisfied with your employer's value proposition. 

We offer the following retention strategies to increase the  likelihood that you retain your key employees in critical roles and support development and  succession planning. 

• Give your employees the opportunity to participate in the business by seeking feedback.  For example, you can seek ideas on product launches, improving client interactions,  vendor/supplier quality, creating safer working spaces, and process efficiencies.  Insights of this type can be gathered from employee focus groups, team huddles, and  surveys, and communication channels can be made accessible so that employees at  all levels can share. 

• Create career path options to help employees visualize and understand the knowledge,  skills, abilities, other characteristics and experiences needed to move to different roles  within your organization.

  
  

• To support the career path options, include job rotations, temporary assignments,  mentoring, access to self-learning resources, and other paid experiences to increase  capacity and competence.

  
  

• Provide incentives and flexible options for employees to benefit and align with your  organization's values. Incentives may include paid or unpaid sabbaticals (without loss  of service or health benefits), deferred salary plans and hybrid work options. 

  
  

• Conduct regular two-way performance meetings with your employees to learn about  their career goals, discuss challenges, form stronger connections and build trust. 

  
  

• Follow up with employees to let them know you have listened to them. Ensure you  address the concerns raised and what action you will take on a suggestion. Explain your  reasoning when you cannot address an issue to their satisfaction or if there is a delay  in your ability to act.

Many of us are familiar with quotes that reference the importance of time and are aware of its  inherent irreplaceability once lost. The same can be said for your valuable employees. The  ability to retain your employees who have contributed to the growth, development and success  of your business, cannot be overstated. As competition for talent increases and the availability  and ability of individuals with the right competencies, characteristics and skills needed  continues to grow, retention strategies are a business imperative.  

There are many additional strategies for retaining your employees and we are happy to share  more information or guidance on how to implement any of those we have shared and other.  We look forward to assisting you.  

Mike can be reached by phone at 416-428-7728, by email at  

mike.stapleton@blackbrickcapital.ca or through LinkedIn. Check out his website  blackbrickcapital.ca 

Marcella can be contacted by phone at 416-898-7387, by email at mpkowalchuk@gmail.com  or through Linkedin. Website marcellakowalchukconsulting.ca