How to Retain Your Top Talent

Replacing an employee can cost between 30% to 200% of their annual salary. However, losing a good employee goes beyond financial loss and impacts team morale, project progress, and business knowledge.

The Profile of a Good Employee 

Good employees are competent, loyal, and virtuous, and understand how to produce results within the company’s framework. They possess deep knowledge of the internal systems, and processes. These individuals are difficult to replace, and losing them can have far-reaching impacts. 

The Factors Behind Employee Attrition 

High-performing employees yield immediate success and have qualities that align with the company’s values. However, their potential and ambition may drive them to pursue new opportunities, due to factors such as poor treatment, lack of work-life balance, and unfair compensation.

The Cost of Losing a Great Employee 

The loss of a great employee results in knowledge loss, increased workloads, decreased morale, and employee disengagement. It can even encourage others to seek new opportunities. Furthermore, the cost and time it will take to find a replacement and get them up to speed.

Canadian Business Landscape and Employee Retention 

Canada overall has a high turnover rate, partially due to the abundance of competitive opportunities available. Canadian businesses must proactively work to retain their employees, especially their top talent. This can be achieved by addressing their concerns, such as lack of career progression and uncertainty, inadequate compensation, and improving the employer-employee relationship through recognition. 

Retaining Top Talent: Strategies for Success 

Furthermore, it is crucial to provide them with a work-life balance. Studies show that working employees for over 50 hours a week negatively impacts their motivation and productivity. Offering growth opportunities, competitive pay, and creating an environment where employees feel valued and impactful are key to ensuring satisfaction and retention. 

Tips for Turning Your Best Employees into Appreciating Assets 

Additionally, to keep great employees engaged and committed, it is essential to invest in their development. Empowering employees with autonomy and ownership of their roles can also contribute to their long-term retention. Retaining top talent directly correlates with a company’s success, as high performers significantly outperform average employees in terms of productivity. 

Talentoasis: The Solution for Effective Hiring and Retention 

Talentoasis is a staffing agency which specializes in talent acquisition and contingent workforce solutions. We find the best talent by using the power of our career assessment based on 86 years of research, with a hiring success rate of 92%. We are able to achieve this by diving deep into the talent’s cognitive abilities, motivations, and personality traits and seeing how they align with the role. Whether you’re hiring talent on a contract or full-time basis, we offer workforce solutions that include wellness benefits and an increase in contractor compensation with no impact to your costs. A real talent retention strategy.

Conclusion: Invest in Retention for Long-Term Success 

Investing in employee retention is a vital aspect of a company’s growth and prosperity. Talentoasis provides workforce solutions that help your business identify and recruit individuals that drive growth. By partnering with us, you can attract and retain top talent, and align yourself with an equitable brand. Schedule a call today and take a step towards investing in your company’s growth.