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Do You Have a Retention Strategy? Here’s Why It’s Important For Your Company.

Even with the current Coronavirus pandemic, the competition for top-notch technology candidates remains fierce. This is especially the case with certain in-demand job roles, like software engineers with machine learning experience, or information security professionals. Since finding great tech professionals is difficult, your company needs to take steps to retain its current employees.

If your organization doesn’t have a retention strategy, it’s absolutely critical to craft one as soon as possible. The risks involved when losing your own talent are enormous. As such, let’s take a closer look at how to improve your company’s retention rate.

Salary and Benefits Package Matters

Paying a competitive salary for every job role as well as your company’s location plays a critical role in being able to retain your top talent. Additionally, provide a robust benefits package, including great insurance and a generous tuition reimbursement policy. Requiring employees to stay on for a certain period after receiving tuition benefits is one obvious tactic for boosting your retention rate.

Foster a Welcoming Company Culture Known for Employee Development

Becoming known as an organization providing interesting work, a career ladder, and an office culture that thrives on creativity also helps keep your top talent in house. Of course, forging a welcoming culture doesn’t happen overnight. This approach needs to be a long-term goal of your company with buy-in from the executive team all the way to a new developer fresh out of college.

A Communication Policy Open to New Ideas From Employees

An open communication policy plays a vital role in fostering the kind of organization able to retain its talent. All managers need to keep their offices open to hear fresh ideas or constructive criticism. Regularly hold company-wide meetings where everyone is encouraged to offer feedback on multiple topics, including improving operations or recognizing a talented coworker.

Timely Reviews are Essential

While annual reviews provide the means to offer feedback to your employees in addition to a well-deserved bonus, real-time feedback is arguably more effective over the long haul. Employees shouldn’t have to wait a full year to get praise or criticism on their work and professional development. Providing timely reviews throughout the year helps ensure your staff maintains progress towards achieving personal goals as well as those of the company. Expect an improvement in employee morale and the organization’s retention rate as a result.

If you need advice on building a great team at your organization, speak with the experts at Synerfac. As one of the top technical staffing agencies in the country, we offer great candidates able to make a difference for you. Schedule a meeting with us soon.

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