It has become more common that employees are moving from job to job a lot quicker than ever before. People are always on the look out for a better job, better opportunity, or more benefits instead of enjoying the place they are at currently. As a company, it is possible to make a few minor changes to help with retaining senior-level talent. Being a staffing and recruiting firm, we deal with candidates and fast paced job environments each and every day. In a study done with 600 US businesses, 63.3% of companies say retaining employees is actually harder than hiring them. But retaining employees is still very possible with a little bit of change. Times have changed and finding senior level talent is more difficult due to increased demand. To retain your senior level talent, try out some of these tips below!
1. Encourage Flexibility
One way to retain your senior level talent is to encourage flexibility in the workplace. Ever since 2020, there is a new sense of normal in the workplace. A strict 9-5 schedule is less common now a days due to increased remote work, new PTO policies, and more flexible hours. In a study done by Gartner, 80% of companies plan to allow their employees to work remotely at least part of the time after the pandemic, and 47% say that they will allow employees to work remotely full time. Before the pandemic, remote work was not common, but now, it is not planning on going away, so we need to adjust to the change to have the best interest of the employees. In a PwC survey of about 700 CEOs, 78% agree that remote work is here to stay for the long term. By giving employees more freedom in their work day, they will not only be happier, but will also be more productive, in-turn, being more beneficial to your company.
2. Lay Out a Vison for the Future
By laying out a vison on what the company may look like in the future, or on how the employee can level up, employees stay motivated to attain individual and company-wide goals. Whether that is better pay, a promotion, etc., this will get them excited to work harder and have a goal in place. By offering more opportunities within the company or continuing professional development and education, the employee may feel encouraged to stay, which can help with retaining senior-level talent.
3. Provide Frequent Constructive Criticism and Praise
People appreciate feedback. It not only advances that individual, but also progresses the company as a whole. In a study done by Forbes, 82% of employees appreciate positive and negative feedback. Providing praise and constructive criticism will show that your boss also cares about you. The same goes for feedback from employees to managers and executives. Employees like to be heard and give their opinion. If you can have open communication and discuss where things can improve and where things are good, there will be a sense of trust, and in turn, a better relationship.
4. Create More on the Job Opportunities
Open your employees up to more opportunities that cater to their expertise and experiences! If an employee if starting to get bored, or their job is getting repetitive, they may start job searching elsewhere. Do frequent check-ins and see how they are feeling! Ask them: Are there any other projects, committees, or additional responsibilities you would like to be a part of? Is there anything else you are curious about that you have not been able to explore yet? This allows them to broaden their horizon while staying at the same company. Along with more on the job opportunities, try to vary learning experiences as well! By giving more learning experiences, they are improving their personal development, and this may help your retention rate.
5. Invest in Upgraded Tools and Technology
Technology and candidate experience is critical in retaining your senior-level talent. Almost half (49%) of US workers say that they are likely to leave their current place of work if they are unhappy or frustrated with the technology. Technology plays a major role in almost all types of jobs and can truly affect how well a job is done. Updated technology will not only make the employees’ jobs easier, but also helps them get their work done more efficiently, which is key for the growth and success of the company. By having upgraded tools and technology, many unnecessary barriers can be avoided. You will most likely face less technical problems that delay your work, which is a major issue for office workers. In a survey done with 917 office workers, 50% said that outdated technology has a moderate effect on their productivity, and over 16% said it had a major effect. Small changes like this will put you at a better chance of keeping your top talent.
6. ggLocators Can Help You Attract and Retain Senior-Level Talent
By following these tips, you will have a better chance at improving your retention rate. With the current state of the job market, candidates are scarce. It would be a good idea to make some of these minor changes to your company to keep these individuals engaged. Here at ggLocators, we actively work with top talent in the industry. Contact us today to learn more about the senior-level candidates in our pipeline, and how we can use our knowledge and expertise to help you find and keep the very best talent out there.