The value of many businesses is often dependent on its employees. Retaining good employees, particularly key employees, is important to a business, as is avoiding the substantial time and cost commitment required to recruit and hire replacement employees.
Some of the factors that enable you to keep top employees include:
- Compensation. Be competitive and consistent with the employees’ value to your business.
- Benefits. Packages should be updated frequently to meet employee needs and the market.
- Technology. Provide employees with the best technology to enhance their performance.
- Mobility. Acknowledge and accommodate mobility and working at home.
- Policies. Periodically review to align with business needs and employee priorities.
- Share Success. Reward employees when the business succeeds.
- Transparency. Share appropriate business information, plans and goals.
- Celebrate. Create traditions to celebrate milestones and successes.
- Provide a Path. Show employees their future in your business and how they can attain it.
- Accommodate. Address personal issues with paid time off, family time and part or flexible time.
- Ownership. Provide financial incentives like profit sharing, bonuses, ownership, opportunities, options and the like.
- Expenses. Liberally allow and reimburse quickly.
Employees are the lifeblood of every business and retaining good employees is critical to your business’ health. If you have any questions or issues regarding employee retention or any business issues, please contact us.