If you truly want your business to succeed, you need to make sure you’re treating your employees the way they deserve to be treated. A hallmark of a successful business is employees who want to be there and people waiting for a position to open up. When you get truly talented employees, you need to retain them for your company. There are good ways to keep excellent employees happy, and knowing these methods helps businesses attract and keep the very best talent.
Pay and promotions
It may seem obvious, but good pay and promotion practices get overlooked with stunning frequency. Competitive pay isn’t enough. Companies who are serious about keeping their best and brightest pay 20 to 40 percent more than the current market rate. They also promote from within. These practices keep the good employees happy and inspire others by showing them that hard work gets noticed and rewarded.
Take suggestions
Top performers know their jobs inside and out. They understand what works for them and what doesn’t. They also understand which tools would enable them to do their jobs more effectively. Companies who take employee advice and then actually implement it have much higher engagement and retention rates; they’re also more efficient. Make an effort to listen to employee feedback and find ways you can improve employee retention.
Cut dead weight
Someone who is excellent at what they do won’t appreciate being hampered by someone who isn’t. Poorly trained and lazy coworkers who are not adept at their jobs only frustrate motivated employees and slow them down. It’s hard letting an employee go, but ineffective ones are a liability. Talented employees will get sick of carrying the dead weight and look elsewhere.
Be flexible
Don’t let a bump in the road or a change in an employee’s life force them to leave if you can easily prevent it. Any employee can find themselves caring for an elderly parent or working around the daycare center’s new hours. A little flexibility can go a long way in accommodating a great employee who would otherwise need to look for a new job. When employees, or potential employees, find out that your business offers this perk, you’ll find it’s easier to keep top talent with your company since you show that they’re valued.
Ask
Want to know what talented employees want? Ask. People are all different and they want various things. One person may really want to bring their dog to work while someone else may just want to wear blue jeans to the office once in a while. There is no need to guess what will entice a company’s brightest and best to stay. Simply ask them.