Any good business owner will tell you that the key to success is learning how to retain valuable employees. A high rate of employee turnover can cripple your business, never allowing the company to flourish. Employees are your most valuable asset as a business owner. Here are some tips on how to keep them around.
Top 5 Ways to Retain Valuable Employees
- Forge a Relationship – Building a healthy and fun relationship between you, management, and the employees is a great way to reduce employee turnover rates.
- Hire the Right Person – That expression “square peg in a round hole” works for employees, too. Hire the right person for the right job rather than hiring someone who can do the job but is better suited doing something else.
- Offer Better Benefits – Employment studies show that the workforce today, particularly millennials, are more attracted to jobs with better perks and benefits than a higher pay. The higher pay, while nice, doesn’t offer the same satisfaction that some benefits could. For example, offering more paid leave and other special perks.
- Get Rid of Downers – Weeding out the downers will allow everyone else to flourish. If you have employees that cause friction among their coworkers with excessive gossiping, bullying, or just a generally bad attitude, you really should consider cutting them loose.
- Offer Anniversary Incentives – If the only incentive to keep working for you is to continue getting that same paycheck every other week, employees may grow disinterested. Offer a periodical raise, or a bonus every anniversary of their hiring to give them something to look forward to.
The Manalapan business attorneys at Garland & Mason, L.L.C. are very experienced in all aspects of employment law and would love to help you create, grow, and protect your business.