That moment, when you realise that you have one or two employees who are performing head shoulders above the rest, can be a bittersweet one. On the one hand, these are the people driving your business forward and pushing up your market share – it’s got to be a good thing! But, on the other hand, it could be a sign that they’re outgrowing you. Just as your business is experiencing considerable growth, the employee making it all happen could be heading for the exit door.
Retaining your employees is often the single most important factor for the success of any business. With the economy now picking up, the demand for the best and brightest workers in all sectors is only going to increase. To make sure you don’t lose out, follow these 5 tips.
Give Them a Deal Hard to Beat
If your top employee is going to have any interest in staying at your company, they should at least feel like they’re appreciated. If they’re not, they’ll be attending job interviews at new companies sometime in the near future.
Try to develop a reward system that acknowledges hard work. The basic terms of their contract need to be in order first though. It’s simple. If a company offers them a better deal, they’ll probably leave. Who wouldn’t? So don’t be a Scrooge, pay your staff what they’re worth!
Find Innovative Ways to Motivate
Money doesn’t have to be the only motivator though. For many people, it’s not even the best one. Use your imagination! Do you really want your employees only staying with you for monetary reasons alone? That could breed a mercenary atmosphere in the office, and you don’t want that.
Free parking, free food and help with childcare could all be more attractive to employees. Signing them up for an employee assistance program (EAP) shows that you appreciate them and want what’s best for them.
If you have an employee whose ability is streets ahead of the rest of the office, you should be pushing them more than everyone else. Someone who starts to feel like a big fish in a small pond will quickly start looking for a bigger pond. Show them that they have room to grow and improve themselves at your business.
Tailor the Role to Them
What could say “we value you” more than changing a role to fit an employee? This proves that the employee is more important than the job. And that’s a rare attitude for bosses to take nowadays.
Tailor their day to day activities to their strengths and interests. This doesn’t have to mean losing your authority as a boss. It just shows a commitment and willingness to work loosely around what’s best for everyone.
Communicate with Them
It’s quite simple. If you don’t talk to people, you won’t know what’s going on in their mind. Let them voice their frustrations. This way you can find out what you’re doing right and wrong, and act upon it.
Losing your star striker can be devastating. So do everything in your power to keep them with you. Don’t be afraid to ask outright what it would take to make them stay – you just might get a positive answer!