In an increasingly volatile industry, retaining talent within your own organization can at times prove just as trying as retaining patients in a study. The key to successful talent retention depends on a variety of factors that every employer in the industry would do well to adhere to. Below are tips that will help ensure a happy workplace.
1) Offer a competitive benefits package
While competitive benefits like health insurance and pension plans are critical in retaining employees, offering other perks, such as telecommuting can be just as important. Allowing your staff the flexibility to work from home on the odd occasion demonstrates a willingness to be accommodating.
2) Use Incentives
The use of incentives is not uncommon in the workplace, so much so that - to the cynic - they may seem overused and pointless. Nevertheless, its importance cannot be emphasized enough. For one, they keep employees enthused, not to mention, motivated. If carried out effectively, incentives can keep your employees engaged and focused on their jobs.
3) Realize the benefits of stay interviews
Much in the way companies carry out exit interviews to uncover why employees leave, consider asking long-term staffers why they stay. Asking questions like why they joined your organization and why they have stayed can be invaluable in strengthening your retention strategies.
4) Promote from within (if possible)
Offering employees a chance to move up within a company is integral to retaining talent. Without doing so risks employees becoming unmotivated if they fail to see any real prospects of advancing their careers.
5) Encourage employee development
Fostering an environment that allows your employees to grow is vital to retaining talent. Holding regular training sessions where employees can learn new skills or offering tuition reimbursement can go a long way in aiding their professional development.
6) Open communication
Employers should regularly hold meetings with employees where they are afforded the opportunity to offer their ideas or air their views. Putting in effect an open-door policy encourages greater communication between employees and upper management.
7) Financial rewards
If possible, companies should offer financial rewards when employees perform well within a set time frame. Annual raises for high performers are also encouraged, if you have the means to do so. For smaller companies, this simply may not be an option, as the financial well can run dry very quickly. In those cases, a bonus structure should be put in place if employees reach specified targets.
8) Set employee expectations
This may sound obvious, nevertheless, it's important to clarify a person's responsibilities, especially if you're working in smaller-sized environment. Performance levels can drop if employees don't know what exactly is expected of them, so clarification from the beginning is key.
*If you’re a company looking for new employees, be sure to visit the CTA Jobs Board. CTA can list your jobs by offering unique packages that can help your company gain maximum exposure to your target market.
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Talent retention in small biotechnology - A Stretch Among Generations: http://bit.ly/1WPvG7f