During a recent executive coaching session the topic of employee turnover came up. My client shared what has been an ongoing problem in his company: losing star performers. Recognizing the tremendous expense associated with recruiting, hiring and training as well as losses in production and efficiency, he wanted to know what his company could do keep their best employees.
In addition to the obvious factors of competitive benefits and salaries, here are some of the key strategies to help you keep your best employees:
1. Regularly acknowledge their accomplishments and contributions.
2. Make sure they stay positively challenged and stretched.
3. Frequently revisit your vision and mission with genuine enthusiasm and passion.
4. Groom them for greater responsibility.
5. Give them regular feedback along with clear suggestions for improvement.
6. Empower them and then stay out of their way. When Lincoln appointed General Ulysses S. Grant as commander of the Union armies in 1864, he sent him this message: “I neither ask nor desire to know anything of your plans. Take the responsibility and act, and call on me for assistance.”
7. Reward them. Money isn’t the most important motivating factor, but don’t pay your best employees what the average employee is making.
8. Give them quality resources to do the job.
9. Provide an energized, friendly, and safe work environment.
10. Don’t overload them! People are designed to wear out not burn out.
Your business is important to you and worth the investment in your most valuable asset – your people!
If you run a business, how have you invested in your best talent, and what do you think makes them stay? If you are an employee, what do you appreciate about the way you are valued, or what do you think could be improved?
We can help each other out by sharing experiences, so please comment below!
Live, Work & Relate Well!
Dr. Linaman is a psychologist and executive coach providing counseling and professional development services to individuals, couples, work teams and organizations.