Everyone who runs a business knows just how important it is to hire good people, but how often do you hear about how to keep your best employees from leaving to another company? Retaining top performers can help you build a culture of success and even increase your chances of recruiting other elite talent. Here’s a look at strategies for keeping your best people engaged.
3 Ways to Keep Your Best Employees from Leaving:
- Promote by merit: If you are the type of person who started a business, you probably remember the frustrations of a rigid promotion structure. Nothing is more frustrating to a top performer than a culture where seniority is rewarded more than contribution. Great employees typically know how much value their hard work is adding, and if they aren’t recognized or rewarded for this, they are going to go to a company where they are. Take an unbiased look at who is contributing the most, and promote accordingly.
- Show personal and emotional interest: The move towards a more numbers-based approach to HR is great and can help remove bias, but don’t forget the human element of management. Take a personal interest and cultivate genuine relationships with your people. Everyone wants to spend their work life in a place where they are respected and cared for. The warmth of a personal connection will cost you nothing and may benefit you as much as it does your employees.
- Communicate your long-term plans: Your best employees are often going to be some of your most ambitious. This means they will be looking for an organization where they have a future. Don’t expect your best employees to read your mind about your plans for their career development. Make an effort to outline the exciting opportunities that are in store for them if they continue to perform. Removing ambiguity about future plans will help top achievers feel secure that they are in the right organization to achieve their long-term goals.
Finding and keeping great employees is one of the most important components of business leadership. No matter the industry, surrounding yourself with the best and brightest is absolutely essential. Hopefully, some of these tips may inspire you to take a more proactive approach towards keeping your best employees happy.
Garland & Mason, L.L.C. is a New Jersey business law firm that fights to help business owners succeed.