As job opportunities become available, your employees, especially those feeling under-challenged and under-valued, may begin to seek out other options. 

To ensure your best employees stay on board, we’ve put together a list of eight tips and tricks you can follow to retain top talent at your company.

1. Acknowledge a job well done. 

Gratitude and appreciation for a valiant effort and stellar product are critically important to employees’ willingness to give their best efforts. If they get the same feedback for a run of the mill product and a superior product, chances are they are going to put in less time and effort every time and thus feel under-utilized and unimportant. Be thankful for your stellar performers’ top work.

2. Reward top performers and help improve poor performance. 

While it’s important to reward a job well done, it’s just as important to address poor performance. You don’t want all your employees treated exactly the same way, as it may lead to top performers feeling underappreciated. Recognize your best performers, and work with low performers on how to improve their efforts to achieve greatness at your workplace.

3. Promote from within. 

Chances are, you have a number of employees who are qualified for various positions within your company and have been working for years in hopes of potentially being promoted. Provide your employees with clear direction and expectations for growth. Work with your employees to understand how they are working towards a goal (i.e., a raise, a promotion, a management position, etc.). 

4. Don’t be a “fun sponge.”

If you want to ensure your employees are happy and eager to perform their best at your company, incorporate fun activities in the workplace. Fostering a fun work environment helps to keep your best people around, and makes your workplace a place your people look forward to coming to each day.

5. Help employees to feel a sense of ownership.

It’s important to empower your employees to perform their best and show them that you trust them and their work. Ask for input from your employees. Help your employees to understand why they are being asked to perform the task at hand, and how it contributes to the success of the organization. 

6. Be flexible with vacation days. 

Vacation days are critical to your work force’s morale, wellness, performance, and productivity. By making employees feel uncomfortable taking their allotted paid vacation days, not only do you deny them some much needed R&R, but also encourage them to look elsewhere.

7. Have an employee retention strategy. 

Without a retention strategy, you put yourself at risk of losing your employees to your competitors. Make sure to talk to your people individually; come up with strategies to ensure your top performers are content and not looking to “jump ship.” Do not wait until they have another offer to ask them how you could incentivize them to stay.

8. Be competitive. 

Try and keep up on what your competitors are doing to keep their employees happy. When possible, exceed the efforts your competitors are making. You want your employees to feel that your workplace is superior to others in the field. It will encourage them to stay and be grateful for the position they have rather than seeking other employers that seem to have more to offer.

PrimePay can partner with you to offer support throughout the entire employee lifecycle.

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Disclaimer: Please note that this is not all-inclusive. Our guidance is designed only to give general information on the issues actually covered. It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding the specific application of the information to your own plan.

Editor’s Note: This post was originally published to SyncHR by PrimePay's blog and has been updated for freshness, accuracy, and comprehensiveness.