The 3 Steps To Keeping Your Best Employees From Leaving
A phenomenon happening all over the country is called the Great Resignation. This means that people are leaving their jobs in droves and their employers are scrambling to find replacements. Then there are other companies that have no problem retaining their top talent and staying fully staffed.
What's the difference? There are some companies that value their employees and do what they can for employee motivation and happiness at work. Those companies are saving lots of money and have increased productivity because it is expensive to replace good talent. This article will cover what your company can do to keep good employees from leaving.
1 – Make sure they're paid fairly
It's not realistic to expect employees to sacrifice too much in order for the company to increase its bottom line. People will only be dedicated to a company that compensates them fairly since they have bills to pay and dreams to fulfill that require them to make enough money to provide.
This means that your company should have a clear compensation policy that rewards people with good salaries and even bonuses. You shouldn't ever have an employee that has to go to HR with a disagreement about overtime pay, for instance. If an employee feels that they are not being paid enough or there are disputes about receiving money they're worked for then they are not going to stick around long.
2 – Realize their potential
When you are recruiting top talent then those people have a lot to offer the company. They have a lot of potential and need it to be released. It's the reason they were hired to begin with. What sometimes happens is that employers will micromanage them and not allow them to do their jobs the way they see fit.
This micromanaging will deter good employees from wanting to stick around. Since they were hired for their talent they should be allowed to work in a way that their potential is able to come out.
These employees will make the company more profitable and productive and they will have more job satisfaction since they feel they are making a difference in the success of the company.
3 – Give them incentives
Giving them enough pay is only part of the equation. They should also get some incentives that are outside of their salary. Bonuses at the end of the year when the company is making record profits will go a long way to keeping employees satisfied.
There are also nonmonetary incentives that work to encourage a feeling of loyalty. For instance, allowing them to work in a hybrid system in which they work a few days a week from home instead of commuting to the office.
Profit sharing is also a very good motivating factor to work hard and make sure the company is doing well financially. They will not want to leave a job that gives them such an incentive to stay and see that the company is successful.