It’s one thing to hire the top talent your company not only needs to succeed in the short term, but it’s another thing to retain that talent so that the business succeeds in the long-term. Companies that don’t last very long in the marketplace share a common denominator: the owners and operators take their top talent for granted. But companies that stick around for decades or more are well aware that recognizing the achievement of its top talent in a public setting, translates into long-term success.
A company that designs and manufactures employee awards, employee recognition awards are designed to honor the most significant professional achievements and milestones. The awards inspire hard work, a positive company culture, and most of all loyalty. When awarded with a custom inscribed trophy or plaque, top employees feel appreciated enough to remain at their company until retirement.
But what are some other ways top talent can be retained at your company? According to a recent report by Forbes Magazine, recruitment of only the best talent for your business or organization does not end with making an offer. It’s said to be an ongoing commitment to foster a culture of commitment whereby talent is nurtured.
In other words, employee well-being is essential to running a successful business. The American Psychological Association or APA stresses that companies engaged in prioritizing high levels of employee satisfaction, engagement, and motivation tend to do better than their competitors who do not look after their talent. That said, here are two critical factors that can significantly impact both recruitment and retention rates:
Employee Burnout
In the 2020s workforce, burnout is said to be widespread. An estimated 74 percent of employees will experience it at some point in their career. Close to 95 percent of the HR managers have come to believe that burnout poses the most severe consequences when it comes to employee retention. In fact, employee burnout permeates the modern workforce. It lowers productivity, engagement, and overall morale. This can lead to a decline in company profits.
A 2024 survey conducted by the career opportunity company, Guild, states that 81 percent of business executives said they are very concerned about losing top company performers who appear to be “unengaged.” The survey also demonstrated that 97 percent of leaders see attracting top talent as a priority in 2025 and beyond. 69 percent of respondents called the need to attract top talent as “urgent.”
One sure way business leaders can combat employee burnout while increasing retention rates is to foster a culture of well-being. Rather than going for work-life balance, it’s better to think in terms of work-life integration. That is, acknowledging that employees naturally seek out lifestyle alignment over that salary increase. They do this not out of laziness, but because work is only a part of their life. Not their entire life. Increasing flexibility in team members’ work while engaging in mental and wellness-based programs are said to be effective methods for enhancing employee satisfaction and retention.
Development and Recognition
Says Forbes, millennials, in particular, prioritize opportunities for development and growth over that of salary. Research is said to have shown that a lack of access to education and growth is one of the main reasons people end up quitting their jobs.
Business owners and managers can improve employee retention and recruitment by creating a culture of continuous education via mentorship opportunities, training programs, and career advancement pathways.
On top of this, they can improve employee retention by making sure team members always feel valued and that their contributions are publicly recognized with physical awards and other rewards. A formal recognition program and even a simple expression of gratitude and appreciation are said to go a long way towards creating a strong sense of loyalty and belonging. Feeling good about one’s job and one’s position in the company is more important than getting a marginal raise or a small year-end bonus.
In the end, talent management is a “24/7 commitment that can be further strengthened by prioritizing employee well-being. Employers would do well to recognize that their top talents are not just company assets, but instead, the beating heart of the business’ success. This will lead not only to company growth, but longevity, and an increase in overall profits for which every employee will benefit.