Hiring great employees is difficult but keeping them in the company for a long time is even more difficult. A low turnover rate is critical for the success of many businesses since it is costly to recruit and train a new employee. The more you retain your employees the more productive your business is especially if you manage to retain the good ones. There are many ways to retain your employees. Below you can find some of them:
- Pay a Competitive Salary: Try not to pay your employees below market rate. If you think someone is a great employee and you don’t want to take a chance of losing him/her, then pay him/her above the market rate. Money may not be the primary reason for motivating someone to change jobs but don’t forget that everybody wants to get what they deserve.
- Recognize the Achievements of Your Employees: When your employees accomplish their goals or achieve something, take the time to appreciate them. Write an email or a personal thank you note for their accomplishments and you can even give them a small gift like a gift card or tickets to a sports game. Also, recognize this success in their annual reviews and make a pay raise accordingly or promote them to the next level. Otherwise, they can start looking for another employee who will recognize their accomplishments.
- Coach Your Employees: Feedback is great for showing your employees that you care for them. Nobody likes to be micro-managed. Instead they prefer someone who will motivate them and lead them towards a goal. If you notice that the performance of one of your employees is weaker than others, give him/her constructive feedback so s/he can also improve her/himself. Let your employees know that their career aspirations are important for you.
- Encourage Training: Encourage your employees to learn new skills and go to training sessions. Motivate them to get professional certifications that will be helpful for their job.
- Be Clear in Your Communication: You always have to be transparent when communicating with your employees. Even if the news are bad, you should still clearly talk with your employees and explain them what is going on within the company. Create time to listen to your employees’ concerns and do your best to solve them. Keep an open channel of communication and get their feedback when necessary.