Many a company today considers itself lucky if it employs top-notch employees and workers who really excel at what they do. The best employees bring efficiency and success to any business.
Most of those businesses don’t have a problem when hiring new employees and creating a perfect team.
The problem, however, lies in retaining great employees. In ensuring that they have everything they need to stay in your company for as long as possible.
You will probably be surprised to hear that money isn’t the top priority for the best employees in most companies. Although it is always an efficient motivator for retention.
It is their personal growth, benefits, rewards, and feedback that actually motivate high-quality people to stay within an enterprise. In this post, we bring you six super effective ways to keep your best employees from leaving your side.
1. Hire the right people
If you want loyal employees that won’t leave your side, it all starts with finding the right people in the first place. This means that the hiring process should be the first step in your employee retention strategy.
A candidate might look like a perfect fit for your team on paper, but they can end up struggling to keep up with your company culture.
Make sure that your company goals and their personal goals are aligned from the beginning so you can avoid any potential problems in the future. It might seem like a waste of time, but spending more time on candidates beforehand can pay off in the long run.
Having your candidates interact with their potential team members can also be a great way to determine whether they will fit in or not. Besides, it can also give you the opportunity to test their abilities under more realistic circumstances.
By putting additional effort into the hiring process, you’ll make sure that every employee you hire is not only skilled and experienced but also motivated to be a permanent member of your team.
2. Growth and benefits
When you fulfill the needs of your workers, you can create retention and inspire loyalty.
Every worker needs to understand their role in your enterprise and that means having proper employee benefits, such as a retirement plan, health insurance, some form of job security, gym membership, etc. Moreover, when they know that they can grow in your company, they will be satisfied.
Explain to them that you are supporting their growth by offering them help with honing their skills or learning new ones via additional education, training seminars, etc. You can also support their career growth by giving them an option to work in another state or country and helping them with relocation expenses, which can get expensive.
This way, you are not only providing your workers with valuable feedback but also demonstrating to them that they are a valuable asset to your business.
3. Pay more
Always pay the market price or above for your best employees, as soon as you can afford it.
No matter how great your company culture is, or how innovative your approach to business is, the truth is everyone likes a big salary. This is how a boring company will take your best employees – those you have been training and preparing for business for a long time.
Again, pay the market price or above as quickly as you can – it is a sign of respect, before anything else. Most of the best ones will not ask you. They will just get more and more frustrated and eventually leave.
4. Reward their good work
One of many great ways to not just retain your best employees, but any employee for that matter, is to appreciate the good work they do. And reward their actions within the workplace, as well as their accomplishments.
Your workers will feel more valued once you appreciate and acknowledge their hard work. And rewarding them even adds a bonus to their gratitude.
There are various ways you can reward your workers. You can offer them employee discounts on your services and products, give them a visa gift card, reward them with paid vacation time or extra vacation days, celebrate the successful completion of a corporate goal with a cool event, and so on.
The fact is that you should always reward your workers for their efforts and for reaching milestones. This way, you will show them that their efforts won’t go unnoticed and that their hard work will always be rewarded properly.
5. Speak to people. Receive real feedback at least once every four months
Formal, annual reviews often don’t work. At least not when it comes to combating turnover. You need an informal one-on-one meeting with all your best workers.
The bare minimum here is once a quarter. Do this in a quiet and friendly manner, and ask them:
- What they want to do – but don’t have for it.
- What frustrates them about their job.
- What would they improve?
Learn to gather information from them. You may think you’ll know if they are happy if you have a few drinks together or go to a business event, but people won’t complain in that context. Even if they do, those will be general and avoiding complaints.
You won’t learn a thing about keeping your top workers and what they need to stay at your company. Or if they feel frustrated or stalled. Asking is everything here.
6. Offer flexibility to your best employees
Counterintuitively, to retain your employees, you need to allow them to be flexible. Flexibility lowers your employees’ stress and motivates them to feel more relaxed at work.
Moreover, enable your workers to have flexible work hours so they can work from home one or two days a week when they have a reason to do so. Every employee with kids will appreciate the value of the flexibility you offer.
It is not so hard to keep your top employees from leaving your organization. All you need to do is to show them your support and appreciate their hard work.
After all, great workers are valuable to business success, and you need to do your best to ensure that they consider your business a place worth working at.
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Keith Coppersmith is a business and marketing expert who has experienced both the rise and fall of many businesses. He enjoys writing and providing insight based on both practice and theory.