Retaining Your Best Talent in an Employee’s Market

The national headlines are still focusing on unemployment, but things are actually looking pretty good in Tulsa and businesses should take notice. My colleague, Aaron Fulkerson, executive vice president and chief administrative officer, recently wrote an article for the Tulsa World where he highlighted the financial forecast and stated that Tulsa is currently in an employee’s job market. If you live in Tulsa or not, here are three ways to help you retain your best talent while in an employee’s market, which is when the unemployment rate is under 6 percent.

1. Take the time to reward your top performers for their hard work.
   Whether you’re rewarding them by raising their salary, giving them a bonus or increasing benefits, rewarding your employees in the number one way to retain your top talent.
2. Develop an employee recognition program to identify the leaders of tomorrow in your organization. Good pay and benefits are important, but employees also want to be valued and appreciated for their work.  They want to be treated impartially, have advancement opportunities and be involved in the company.  It is the day-to-day interactions that make employees feel their contributions are appreciated and that they are recognized for their own unique qualities.
3. Offer leadership training for your best employees.
   Offering leadership training for your best employees tells them you trust them and see them moving up in the future.  If an employee sees a future with your company, they are more like to stick around.  And, frankly put, your company is in business to make money—this means your leadership team must be effective in order for your business to deliver results.

David Wagner is a Partner and an expert in helping clients with organizational development and overall performance.