How To Keep Your Best Employees
No matter what industry, service, or product, all companies strive to increase productivity. Simply put, it’s because higher productivity equates to bigger profit and eventually overall brand success. The first step to ensure growth in this aspect is by hiring or keeping quality talent.
Definitely, growing companies should focus on hiring. However, all companies should ensure that they get to keep the top talents they’re hiring. Much like the quote “prevention is better than cure”, we believe that it’s best to lower attrition rates rather than constantly hiring.
To help you, we want to give you effective advice so that your company can avoid an exodus of employees and the stress of refilling your ranks.
1. Competitive Compensation and Benefits
There’s a common saying “Money makes the world go round.” Many of the best talents don’t look only at finances as a reason to stay in a company, but it does affect their choices. If your top performer feels that they aren’t being compensated enough, you have two options: Keep them but increase your expenses or let them explore outside the company.
In this situation, while it may seem like a better to minimize cost, a good leader would understand the importance of keeping the employee. Certainly, not everyone deserves a promotion/raise, but on other times, it does matter.
Factors Employers Need to Consider: Feasibility of the Additional Expenses, Value of the Performer to the Company, Loyalty (Not a Job Hopper), and Overall Personality of the Employee and How it Connects to the Company’s Culture.
2. Opportunities to Grow and Learn
The quest for knowledge, growth, and movement is innate in every person. Every employer should provide their employees with these kinds of opportunities. When people start finding their work routinary and their jobs as dead end, this is an immediate red flag that you should start implementing training modules or find mentors to ensure your employees don’t feel stagnant.
Factors Employers Need to Consider: Employee Interest, Value of the Training to Your Organization, Holistic Growth, and Competency of Company Trainers.
3. Developing a Bond With Your Employees
When employees feel disconnected with the company management, they’re bound to start having issues with the company. This is because by losing touch with the leadership, people are bound to feel more aggravated with any decision the company makes.
To resolve this, it’s best to ensure that you have a one-on-one with each of your employees or at least, personally know them. What do they like, what their interests are, their goals – basically, get to know who they are.
Factors Employers Need to Consider: Time Management, Willingness of the Employee to Open Up, and Past Experiences of the Employee With the Management
4. Designing Enjoyable Company Engagements
All work and no play makes for a boring day. When employees focus solely on doing their jobs, thoughts like “I’m overworked” or “The management doesn’t care about my happiness” cross their minds. This happens often enough, definitely these employees may think about leaving. This may be alright if the employee is a low performer, but definitely not if they’re earning profit for the company.
To ensure that your employees feel engaged, your company should handle events, clubs, or other activities that piques their interest. This can range from sports, parties, or company outings.
Factors Employers Need to Consider: Employee Interest, Funds Allocated, Importance of the Engagement, and Time Consumption.
5. Understanding the Root of the Problem
It’s easier said than done. After many years, some people may want to stop working for your company. This might be because they gave themselves a timeline of how long they will stay, they feel there’s a lack of career progression, they feel disconnected with the management, they feel that the office politics are too heavy, and more. The reasons why an employee would want to leave is as countless as the grains of sand. However, as a leader, you have the capability to prevent this. Simply by conversing, surveying, or asking, you can find why people don’t want to stay in your company. If it reaches the exit interview, you can address the issue of the exiting employee so that the issue won’t be repeated.
We know that running a company is difficult. Consult with us and we can make things easier. For further inquiries, contact us through email at [firstname.lastname@example.org].