How To Retain Your Company’s Biggest Asset – Your Employees

How To Retain Your Company's Biggest Asset - Your Employees

In a candidate-driven market, employers are finding it more and more difficult to retain their employees. At this point, you need to keep employees feeling engaged or watch your top talent go to the dark side and get hired by your competitors. Knowing how expensive turnover can be for your company, it’s important to focus on keeping and fulfilling your current team, in addition to taking advantage of the job market and hiring new A-players. Here are a few things you can do to minimize turnover on your team:

Fork Out The Cash

Forecast the budget and bottom line and when you are profitable, reward your employees with wage hikes and/or bonus incentives.

Increase Employee Time Off

Be the kind of employer that understands that most employees value time off as a reward. Give perceptible accolades and come up with incentives for work/life balance

Give Reviews

Conduct reviews in a constructive way, highlighting employee attributes as well as shortcomings. Set achievable goals and benchmarks for those goals.

Be The SME (Subject Matter Expert) On Your Employees

Take the time to get to know everyone on a personal level. If you don’t know the names of your employees spouses, significant others, or children, then shame on you!

Mandatory Fun Days

Even the United States Army utilizes off-site work parties to promote cohesion. Events help leadership project a team mentality and at company expense, it shows a value and investment in staff members.

Eliminate Office Gossip

Keep the gossiping to a zero level in the office, especially if you are in a Managerial role. Do not partake in talking negatively about anyone. It will create an unproductive environment and foster division among your team.

Showcase Opportunities

Work is life, so give every opportunity possible for those who excel and want to continue improving. Recognize that advancement and professional growth is rewarding to your company.

Check Your “Dictator Attitude” At The Door

Absolute power corrupts absolutely. Statements such as, “because I said so,” “because I’m the boss, ” or “do not think above your paygrade,” will destroy original thought and independent ideas and create and Us. Them mindset.

Be The Example

Never come to work irritable or frustrated. Remember, you set the tone for the entire team. Attitude reflects leadership, so always project confidence and pride in what you are doing because you control the atmosphere of the whole office.