Is it better to have hired a quality employee and lost them than never to have hired at all?
Businesses invest a lot of time and money in hiring great employees, and even more time and money training them. As a result, replacing employees who quit is not just disruptive to your business, but it’s an expensive proposition. Not only have you lost the investments you’ve made in them, but you must make new investments in the replacements you hire.
So, what can you do to keep your best people?
For both new hires and current employees, you can ensure that employees are receiving competitive compensation. In fact, you should not only pay them a wage that attracts them to your business and keeps them there, but also provide the kinds of benefits they value most.
Perhaps your people value flexible schedules, opportunities for advancement or better health care coverage. Making your employees feel valued for their contributions by compensating them well will give them the added push to stay with your company and consistently deliver their very best work.
Believe it or not, giving your employees planned downtime is a great way to build loyalty. When given the chance to step outside their daily routines, your best performers may actually come up with brilliant new ideas. Encouraging time out of the office can be productive and healthy for your company, while lowering employee turnover.
You should also consider encouraging your employees to take risks. When your best employees work in a culture that encourages and rewards new and innovative ideas that are outside the status quo – and they don’t have to worry about being punished for doing so – they will seek better and more creative ways of approaching their job. And this is a good thing for your business – and for your customers.
Employees who are smart, curious and bored with routine are the ones who are in the best position to excel – and also the ones most likely to leave your organization in search of more interesting challenges – so you must learn to recognize restless energy in your employees when you see it and use it to your advantage.
Don’t think twice about giving your people assignments that raise the bar and challenge them. They may make mistakes, but your organization will benefit, and your employees will thank you for the opportunity.
Above all else, lead by example. As a leader, employees look to you for cues on how to act and work, both inside and outside of the office. Employees can skyrocket toward success when provided with a mentor who has a network of business connections, helpful advice and career guidance. Set a great example, and your employees will strive to follow in your footsteps.