When you consider talent retention, chances are the first thing you think of doing as a business owner or CEO is offering competitive compensation to your employees.
While money is an important factor in attracting and retaining top talent, it’s not the entire cake. Rather, it’s an ingredient in the cake. Arguably, there is a much more important ingredient in the cake that is employee retention. According to a recent Harvard Business Review article on employee retention, the most important ingredient is making your employees feel special.
Now, wait a minute … Before you roll your eyes at how cheesy or “unprofessional” you might think this is, give it some serious thought.
Here, we’ll help you.
Feeling Valued and Special in the Workplace
Don’t worry, we’re not going to get all mushy gushy.
But why is it important to feel valued and special in the workplace? Well, according to Investors in People, the need to feel valued is not an abstract concept.
They write, “As human beings, we know what it feels like to feel undervalued and before long it can become intolerable. This is not only true in the workplace, but in relationships, family life, social clubs, and more.”
Feeling special in the workplace results in a number of positive benefits, according to the American Psychological Association (APA), including:
- Better physical and mental health
- Higher levels of engagement, satisfaction, and motivation.
“All the things that lead to a healthy and productive relationship between employer and employee,” says Investors in People.
How Can You Make Employees Feel Special?
So, how can you ensure your employees—more specifically your top talent—feel special in order to attract and retain them? Don’t worry, we’re not going to advise you to take your employees out for a happy hour every week (although we’re sure they wouldn’t complain!) or to buy them flowers and chocolates (kind of weird…)
Harvard Business Reviews narrows making your top talent feel special to three things you should never do. Here’s what they are.
Never Dismiss Their Ideas
Regardless of whether or not the idea is immediately actionable, ensure that your employees’ ideas are heard. Do not dismiss their ideas. Also, it’s important to remember that chances are, when an employee comes to you with an idea, it’s because they’re able to see an issue on the horizon.
Never Block Their Development
Offer your employees opportunities to grow. Is there a seminar or conference you know they’d like to attend to grow their knowledge? Support them in this! As an employer, you should always be championing your employees’ development.
Never Pass Up the Chance the Praise Them
Words of praise go a long way. Chances are your top talent works around the clock on difficult projects and tasks. When you fail to recognize this, employees might become resentful or look for other places of employment.
A Final Word
There you have it! The secret to retaining your top talent: making them feel special. (See, it’s not rocket science!) Read on for tips for attracting and retaining great talent.