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POPin Blog

How to Develop a Retention Plan for Top Talent

These days, competition is fiercer than ever. Companies have to compete in more arenas and to really succeed, you’ll need the top talent around. But that’s only half of the equation. Once you’ve established a team of reputable talent with great work ethics, you’ll need to keep them. Keep reading to learn more about how you can create a retention plan to keep the best employees around.

Set Clear Goals and Expectations For Your Team

One of the most important things you can do for your business is to find a way to measure their success. There are tons of great tools out there, but before you can measure your goals, you’ll need to set them. Employees want to work in an environment where expectations and goals are clear. It’s up to you to set your business’s goals and communicate those expectations in a meaningful way. This means you’ll have to learn how to communicate with your team. It’s important that you tow a fine line between friend and boss. The best work environments are those where a team feels like they can really engage with their boss.

Reward Great Employees

Let’s just face it: we all want to be rewarded for doing a great job, and there’s nothing wrong with that. It’s in our nature as human beings to want to please others and be rewarded for doing so. Make sure that the employees that really go above and beyond in your company get the kudos they deserve. Employee recognition doesn’t need to be difficult or costly to the company, either. It can be anything from a small cash bonus to a shout-out in the weekly company newsletter. All that matters is that your employees know their work and dedication isn’t for nothing.

Set Up and Promote Benefits

If you really want to beef up your retention plan, you’ll need to work on your benefits. Employees want to work, yes, but they also need things like healthcare, paid vacation, the occasional raise, and retirement plans. Remember, you’re competing here. If talent discovers that they can get the same job with better benefits, they’ll take the other job.

Get Flexible With Your Retention Plan

Of course, some benefits don’t need to be monetary (though that certainly helps). One of the best ways to keep employees around is to keep a fun, relaxed work environment. Your employees are likely going to be far more productive if they’re in a flexible environment. The traditional 9-5 job just doesn’t cut it anymore. Get creative and come up with some ways to be flexible. You can let employees work remotely for one day a week, have a 4-day work week, or even let workers set their hours. As long as they hit the target goals they should be free to work in whatever way is best for them.

Provide Feedback

Feedback is the backbone of your company. It’s how you can motivate and correct course, respectively. Make sure you’re providing honest, constructive feedback as often as possible. And get specific with it for better results. The more constructive the feedback, the likelier an employee will be to fix the issue. It’s one thing to say to an employee, “No, this won’t do.” But if you want real results, let employees know why something needs changing and how they can fix it.

Practical Solutions in a Practical Workplace

Between feedback, working on benefits, and staying flexible, you’ve got a lot on your plate. That’s why we’ve created POPin. It’s a fantastic tool for measuring results and providing feedback. Whether you’re working in a team of 10 or 10,000, POPin can help you provide fast, effective feedback. Want to learn more? Sign up to give it a shot!