4 tips to help you retain top talent

Cashmanager | 8 years ago

Retaining top talent is a challenge for businesses of all sizes, but SMEs can find it particularly difficult when faced with pressure from larger rivals.

The Michael Page New Zealand 2013-14 Salary and Employment survey showed almost half of companies in the country expect a skills shortage this year, which makes holding on to the best workers a priority.

Here are four tips to ensure your high-potential staff remain an integral part of your workplace.

1/ Offer a competitive salary

SMEs might not have the buying power of larger organisations, but failing to offer competitive wages could result in employees searching for a new job or being headhunted by another company.

It is crucial to pay your top talent a fair market price - with perks - to encourage their loyalty.

2/ Build company culture

SMEs have a significant advantage over bigger firms when it comes to developing a strong company culture. While multinationals can be seen as a faceless, soulless entity, small businesses can more easily build a close-knit team of colleagues.

Social events such as seasonal parties and team dinners are a great way to create a family atmosphere among your workers.

3/ Don't scrimp on technology

Investing in the latest technology, such as small business accounting software, helps remove laborious manual processes from your employees' daily duties.

Bored staff are quick to get itchy feet, so simplifying mundane tasks will improve morale and free up your best staff to fulfil their potential in other areas.

4/ Provide opportunities for progression

Your most talented personnel are also likely to be the most ambitious, so it is important to create career development opportunities for them.

If there are limited positions available for promotion, consider offering internal and external training, coaching and mentoring schemes or ask whether they would be interested in obtaining workplace qualifications.