Business Advice – How to Retain Your Top Employees

Whether you run a small business or a large one, your employees are the lifeblood of the organization. Keeping your best people is essential for the continued growth of your business.  Losing good employees slows down productivity; and it wastes time and money as you locate, hire and train their replacements. By implementing a few techniques at the beginning, you have less chance of your best employees accepting other job offers.

1. Compensation Package

In studies, compensation is one of the most important things employees look for in a job. The salary you pay, plus the health benefits and retirement plan you offer, all contribute to job satisfaction. You have to pay the best people the most you can afford that is commensurate with their experience, skills, and job function. If you don’t have the money to pay large salaries, you can offer flexible schedules, telecommuting, or other perks.

2. Excellent Communication

Good employees want to know the goals of the company, so they can understand how their jobs help to achieve these goals. You need to keep all employees updated on changes and developments within the company. It’s important to talk with your top people one-on-one on a regular basis to get and give feedback.

3. Professional Development

Your top employees are usually ambitious. They want work that is challenging and interesting and that allows them to grow as a person. Giving your best people more responsibility and promotions keeps them satisfied. You have to consider a career path for them within your company. Knowing what the future holds for them will encourage them to accomplish more for the company.

4. Respect

Respect takes many forms in the workplace. By listening to what your employees say, you show that you value their opinions. Employees often have good ideas for improving productivity, efficiency, and profitability. Managers need an open door policy and must be willing to discuss any problems an employee is having at work. Having polices in place to prevent discrimination, sexual harassment, and other issues that create a hostile work environment are also important.

If you want to retain your best employees, you must provide ongoing job satisfaction. People are most satisfied at jobs in which the company makes an effort to show that it values their staff and sees them as more partners than functionaries. To keep the top people in your company, you have to treat them like the skilled professionals they are.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

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