Identifying and Retaining Key Employees

Identifying and retaining key employees is always important, especially in a tight labour market when holding onto employees becomes increasingly difficult and replacing them even more challenging.

Key employees are vital in any workplace. These employees possess skills, knowledge and performance abilities that can be linked to their organization’s overall success. Often, these employees have special proprietary knowledge or additional certifications, degrees or licences that help their organizations function more effectively. They may also help establish strong relationships within their organizations and with important external parties (e.g., clients and vendors).

Identifying Qualities of Key Employees

To help identify your organization’s key employees, consider which possess the following traits: 

• Exceeds expectations—Employee consistently goes above and beyond what they are expected to do. 
• Enhances strategies—Employee proactively searches for ways to improve their companies’ strategies and operations without being told to do so.
• Increases overall company performance—Employee increases the company’s performance by increasing company revenue and helping the company’s bottom line.
• Improves relationships with clients and vendors—Employee connects with clients and vendors in a way that drives more business for the company.
• Fosters connections between various teams—Employee reaches out to and connects with their co-workers to create an inclusive culture.
• Shows up consistently and on time—Employee is always punctual and ready to work.

Retaining Key Employees

Identifying key employees only helps if you can retain them. Here are some steps to take to improve retention of key employees:

• Communicate with employees to ensure their needs are being met. Employers should talk with their employees to determine if they are content in their roles or if there is something more the employers can do to increase their satisfaction.
• Create a positive work culture and sense of community among workers. Organizations should have strong values that are made clear to their employees. Employers should do things such as host events for employees to connect or hold meetings that reaffirm company values.
• Re-evaluate compensation strategies to ensure competitive compensation. Companies should evaluate compensation levels across others in their industries and ensure their offerings remain competitive to maintain employee satisfaction.
• Provide learning and development opportunities. Employers should offer learning and development opportunities for their employees to improve their current skills and acquire new ones.
• Ensure workplace benefits are competitive and match employee needs. When evaluating potential supplementary benefits, organizations should consider their employees’ needs and what similar competitors provide.
• Offer flexible working arrangements where possible. If in-person work is only sometimes necessary, employers might consider allowing remote working arrangements some or all of the time. Employers might consider offering flexible working hours when that is not feasible.
• Utilize rewards and recognition programs. Companies should incentivize and compensate hard work with reward and recognition programs to ensure employees feel valued and appreciated.

The current labour market poses attraction and retention challenges for employers, but you can respond by identifying and taking steps to retain your key employees.

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