Top tips for retaining staff in the New Year

The Singapore employment market is expected to strengthen in 2012 as the volume of job opportunities across all professional industries increase. This is being fuelled by the continual expansion of multinational companies in Singapore, as they work toward basing their Asia regional operations in the country. As the number of experienced and skilled professionals in demand increases, employers will need to implement effective retention strategies to keep their best performers.

Here are some tips to help keep your employees motivated, engaged and committed to your business:

Empower and Enable

For employees to succeed in their role, a sense of personal ownership in their work is important. Provide a clear understanding of deliverables and timeframes, then give your people the freedom to decide how best to complete the work. Supporting your employees means they can focus on producing their best work. And where possible, involve them in decisions that affect their work and the overall direction of the company.

Reward and Recognise

Frequently recognising and rewarding accomplishments is one of the most powerful staff retention strategies. One way to do this is to boost your employee’s visibility by publically recognising them at staff meetings or through a business-wide email. Also, take the time to say a genuine “thank you” to make people feel valued and appreciated for their efforts. You can also acknowledge your employees for their hard work with appropriate monetary rewards (such as a salary increase or bonus) or non-monetary incentives (such as the opportunity to lead a new project) to assist with career progression.

Challenge and Develop

Opportunities for growth and advancement are key to retaining your top performers. High achievers tend to be life-long learners, so providing them with ongoing training will enable them to keep their skills up-to-date and assist with their career progression. Challenging your staff with new responsibilities and allowing them to lead projects where they can be stimulated and acquire new skills is an effective strategy to keep them in the business.

Lead and Support

The quality of an employee’s relationship with their manager and co-workers is a critical factor in their overall satisfaction at work. For leaders interacting with a team; ensure your expectations are clear, communicate openly and honestly, and keep promises. Having a good relationship with staff members will help managers to develop a positive work environment where frequent feedback and new ideas can be shared. By spending one-on-one time to discuss progress, employees will feel like a valued member of the team.

For more information on engagement and retention, visit the Michael Page Employer Resource Centre.

Article contributed by Andrew Norton, Regional Managing Director of Michael Page, South East Asia