Employee retention: 10 strategies for retaining top talent

10 employee retention strategies for retaining top talent

1. Recognize retention starts with recruiting
2. Identify candidates who’ll stay the course
3. And identify those who share your outlook
4. Provider ongoing education and clear paths to advancement
5. Stick with remote work options
6. Be competitive with compensation packages
7. Deliver for your employees
8. Engage your workers
9. Put data (and AI) to work
10. Be prepared for turnover

1. Recognize retention starts with recruiting

“Retention starts right from the beginning, from the application process to screening applicants to choosing who to interview,” says Dan Pickett, former CEO of Nfrastructure. “It starts with identifying what aspects of culture and strategy you want to emphasize, and then seeking those out in your candidates.”

Pickett had good success at Nfrastructure with this approach, as the company had a retention rate greater than 97% — almost unheard of in the IT industry.

“It’s an increasing returns model; the longer someone’s with your company, the more productive they become over time,” he says. “You have to look at this as a long game and take steps to ensure you’re doing it right by making sure each employee is completely engaged with and part of the company’s ongoing success.”

2. Identify candidates who’ll stay the course

How can you choose candidates that are more likely to stay? There are key indicators right on their resume, says Pickett. First, he says, look for candidates with longevity at their previous jobs.

“You’re looking beyond what’s written on the resume. Have they worked at a company for many years through ups and downs? That speaks to loyalty, perseverance, engagement,” he says. “You should also look for someone who plays team sports, who has committed to volunteer or other activities outside of work — that can help tell you that they are invested in a cause, a team, a sport, yes, but also that they have the mindset to stick with something they really care about.”

Job-hoppers are something of a gamble, he says. While they might just be looking for the right place to land, Pickett says a candidate “who’s had, say, 10 jobs in 12 years is going to be really difficult to retain for any company.”