Successful Tips For Retaining Valued Employees
As an employer you know how hard it is to find good workers. Sometimes it seems like finding a needle in a haystack. That’s why retaining valued employees whenever possible is so important. One of the biggest red flags in a company is a high turnover rate. In some fields it’s normal to hire and fire regularly, but in most cases it’s a sign of bad management practices. We have put together this collection of tips to help you retain employees and improve your management skills.
Why Are You Losing Good Workers?
If you are constantly losing and gaining new employees in your company, there is likely a problem in management. There are several different reasons why good workers will leave a job. Here are just a few of the more common ones to keep in mind:
Entry Level Positions– These positions will likely always have someone new. This is because good workers will outgrow these positions very quickly. They generally pay minimum wage and are fairly simple jobs to execute. Good workers want to be stimulated and challenged and they won’t be happy with these jobs for long.
Poor Management Practices– If a worker has a problem with his/her superiors, they can already be looking for a new job. Good management practices are not easy to learn, and sometimes it takes a high turnover rate for you to even realise there’s a problem. Working on your management practices will have widespread effects on your business. Invest in your team by sending your middle and upper management to management seminars or retreats.
Online Job Market– The job market has changed immensely since the emergence of online job search tools. It’s much easier for your workers to find work elsewhere and if they aren’t totally happy with their position they will try to work their way up the ranks in your company. If that isn’t possible they will start to look for employment somewhere else.
Tips For Retaining Valued Employees
When you find a good worker, you should be doing everything possible to keep them around. Employees have a lot more power than before because of this job rich market. While there are lots of jobs out there, good positions in good businesses are quite hard to come by. Those are the types of positions you should be striving to offer to your most valued workers. Here is just a short list of great strategies to retain valued employees:
Give Them More Responsibility– Responsibility provides a worker with good stress. They want to feel that you can trust them with important duties and that they’re growing in their position. If you notice someone regularly taking initiative to get important tasks done, they are ready to take on more. Promote internally whenever possible when management positions become available.
Fair Pay– Let’s face it, were all in it for the same reason. We just want to be able to support our lifestyles, however expensive they may be. If you want to keep good people around, find ways to pay them well. There are a few ways to do this that don’t involve directly giving raises. Profit sharing is a great way to tie their pay directly to their performance. Stock options offer the same benefit. If your employees are invested in your business, they will work hard to secure their investment. This is because your business’ success is linked to theirs.
Respect Earns Respect– Showing your employees respect is a great way to keep them around. People always remember how you make them feel, and everyone wants to feel respected. When a worker feels disrespected, they may find it hard to focus on their tasks and their performance will suffer. You should strive to curate a positive corporate culture marked by strong respect among colleagues and peers. These are the best aspects of a well managed business.
Clear Expectations– Be as clear as possible about what is expected of your employees. There is nothing more frustrating than being scolded for failing to complete a task that you didn’t even know you were responsible for. Tasks and responsibilities should be clearly stated from day one, as well as anytime they are expanded. Even the best workers will feel unneeded stress when their expectations are constantly changing without proper notice.
These are just a few strategies to think about moving forward. If you’re having trouble retaining valued employees, you should take a long hard look at your management skills. Make it a priority to work out any management issues your business is suffering from. Consider taking your management to team building seminars or retreats. Investing in your team will always be a fruitful investment.