It’s obvious that everyone wants to keep their best employees around, but how do you do it? Look at yourself as a leader. Have you built a great team? Have you cast a great vision for them? Do they understand this vision and your key performance indicators (KPIs)? Communicate with your employees often.
Keep your organization happy and healthy. Here are eight key ways to retain your talent:
- Salary - It is essential to know market rate for your staff positions. These days, paying below market will make you lose your best employees. Consider consulting a staffing company to find this value.
- Non-Cash Benefits - Reward your employees for great work with non-cash benefits. Non-cash compensation like movie tickets, gym memberships, or an extra day off is extremely effective with retention.
- Encouragement and Feedback - Consider handwritten notes and verbal communication with your employees often. Celebrate their success and achievements. Weekly, monthly and annual reviews with feedback are important. People value feedback more than you realize and need to be informed. Let them know what they are doing well and what they need to work on, and allow them the opportunity to do the same.
- Time - Don’t overwork your employees. Most CEOs overwork their best performers because they are so capable but end up losing them. If it’s been a hard week, consider letting them take off early.
- Growth and Training - Great employees want to be developed. Great employers figure out how to train and develop their best, even at low cost. Find out where your employees want to be, what their goals are, and how you can help. Webinars and training are both great ways to invest in your employees.
- Fun - Keep things fun around the office. Employee outings allow your staff to get to know one another better, and create a relaxed environment that might be needed after a busy day of work. Celebrate employee birthdays, company anniversary, important company milestones or achievements. There are so many ways to keep things exciting and make your employees want to show up for work every day.
- Blind Surveying - Find out how your employees are feeling about their job and your organization. One-on-one meetings each year with your staff allows you to find out this information. Consider a third party to survey your employees to allow for zero bias.
- Individual Retention Plans - Have individual retention plans for your top performers. What does your employee need to be satisfied with their current position? Ask them what the organization can do to keep them around, and provide tangible incentives. This will ensure your employee is indeed happy and sticks around, and gives the organization and leadership a good idea of what they need to do to keep their best employees. It will probably be different for each employee. Make sure HR monitors this (or CEO if you don’t have HR).
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