How to Retain Your Best Employees
It’s hard enough to find a really good employee who matches all your requirements, but once you do find that ideal employee, you want to focus on retaining that talent. In the current scenario, employees have little reason to stay faithful to a company, as it were, given the explosion of employment opportunities for worthy candidates.
There are various factors that go a long way in keeping employees motivated to work with your company. To retain the best talent, you will have to be cognisant of the key touchstones of motivation and incentive.
1. Hire the right person: The first step to retaining a good employee is to ensure that you hire the right person. If the candidate matches your requirements as closely as possible, he/she is likely to fit into the role well, grow with the company and therefore stay on longer.
2. Keep them in the loop: Employees feel significantly valued when they are kept in the loop about key business decisions and other plans that the company has. Be open to any suggestions that may come from them.
3. Open communication channels: Employees are forever seeking growth opportunities and are open to switching roles. By keeping communication channels open, you can encourage your employees to share their career aspirations with you. If you happen to have certain growth opportunities for the employee within your own company, you should offer it to the employee instead of losing him/her to another company.
4. Every perk counts: While big perks such as a car or a sponsored holiday at regular intervals are known to work as great incentives for employees, some seemingly smaller perks also work very effectively in keeping your employees with your company. For instance, the flexibility to work from home occasionally can work as a great incentive. Find out what your prized employees are really looking for and work to provide them with that.
5. Offer a competitive salary: One cannot underestimate the role played by salary in keeping employees with your company. Make sure you do your research to at least match, if not exceed, the industry standard for that role. While salary is often the reason we lose our good employees to others, it is also the most easily avoidable one.
6. Provide growth opportunities: It is always a good time for employees to enhance and learn new skills. By offering such training opportunities, you give your employees the chance to grow and also enable them to perform better in their role.
7. Create an open work environment: The workspace culture that encourages feedback from employees is always appreciated. Be open to suggestions of all kinds from employees, ask for their inputs on matters of relevance and maintain a non-hierarchical office environment.
Your best employees are responsible for keeping your business running smoothly and profitably. Needless to say, the cost of losing them is immeasurable. A few changes in your hiring practices and workspace culture can help you retain your best employees.
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