Good employees don’t leave their jobs, they quit their bosses. A common phrase in the HR circles but which holds some heavy truths. A good number of people who quit their jobs do so because they find their immediate boss unbearable.
Keeping your best talents is critical in avoiding disruptions in service delivery and having to go through another extensive and costly hiring process, not to mention the cost of training the new guy(s) come in.
Even then, while you do your best to get the best candidate during the interviews, you are never sure how well they will fit in your company culture and if they can walk the talk. It then becomes imperative to always do your level best to keep your best employees in the company.
Offer competitive remuneration
While few people are willing to admit it, financial compensation plays a huge role in determining one’s decision to stick with an employer or to move elsewhere.
Although not the only way to retain your employees, a competitive salary helps further your cause. Offer your employees competitive market rates so they are not lured by your competitors who may then have a competitive edge over your business.
It’s not just the salary; it’s about your overall compensation package. Health cover, retirement contributions, leave days and much more.
Opportunities for growth
No one wants to remain stagnant in the same role for years, and definitely not your best employees.
When you have vacant roles for senior positions, let your employees know about them and allow them to apply for internal positions within the company. This is one way of preventing your employees from leaving to seek more challenging roles elsewhere.
Your best talents are continually looking to develop their skillset. You should therefore offer a clear career growth plan and support professional developments courses and trainings through which your best employees can sharpen their skills and grow their careers.
Make partnerships with sites like Scholarships In Usa through which your employees can advance their education.
Promotions and rewards
Monetary compensation isn’t the only way to reward a good performance. Sometimes even a simple ‘Thank you’ is sufficient to make an employee feel appreciated.
Employees want to be recognized for their efforts and this doesn’t always have to take the form of monetary compensation (that’s a bonus, though). You can even give them awards during your annual office parties.
Have a clear structure for promotions so that all the employees no the parameters against which they are evaluated. Fair promotions are an effective way to recognize hard work and reward it and goes a long way towards retaining your good employees.
As mentioned earlier, you leadership plays an important role in your best employees deciding whether they will stay with the company or not.
As a leader, give clear communications to your employees on what is expected of them. This eliminates the need for you to micromanage them and also gives them a clear direction on how to go about their work.