How to Hold On to Great Employees
It is a sad day when one of your brightest stars comes to you and announces they are leaving for new pastures. They tell you they have been headhunted or that they need a new challenge. Whatever the reason, there is nothing you can do to change their mind and away they go.
This type of brain drain is not uncommon. It is usually young, driven and talented people who move on to bigger and better things when they feel stifled, unappreciated, or both.
The best way to stop your best employees leaving is to make your workplace a hard one to beat. There are many ways to do this and you can definitely learn from the big tech companies such as Google and Microsoft, but if you need some quick and easy ideas, read on.
Listen and Learn
Listening to employees is the first step to retaining the good ones. Regular appraisals are a key step to holding on to good employees, but you do need to act on what they tell you. It isn’t enough to listen and then ignore any and all feedback. If you do, employees will soon stop giving you any more info on the issues that matter to them.
Build Good Relationships
The better the relationship you have with your employees, the less likely they are to leave. Employees with a caring boss tend to be loyal and willing to stick around when times are tough. If all you do is criticize and snipe at them, staff morale will be at an all-time low and your employees will be applying for new jobs pretty quickly. Work hard at being a caring boss: send birthday cards, ask after family members, and be sensitive when they are having personal issues.
Create a Nurturing Environment
Always give your staff the opportunity to improve their skills and undertake extra training. This benefits them and you. Employees like to feel their career is progressing so help them grow personally and professionally. Offer in-house training, funding to help them attend college, and workshops where your best employees can nurture newer members of the team.
Implement Bonus Schemes
Money alone won’t prevent a good employee walking away, but it sure helps. Performance related pay is a great incentive. Employees feel valued when they know they will be compensated for extra time, effort, or both. To make this work for you, be very clear about what you expect in return for paying out bonuses.
Compensation does not necessarily need to be cash. You can offer shares in the company, extra time off, paid gym memberships, and anything else that suits your company ethos.
Deal with Problems Fast
Creating a nurturing, inclusive workplace is not enough if you don’t deal with problems as and when they arise. Divisive, disruptive behavior needs to be nipped in the bud quickly, or one bad apple will contaminate everyone. Be alert to problems and manage them promptly. If you don’t, your best employees will soon start drifting away.