How to Retain Great Employees

How to Retain Great Employees

As an entrepreneur shooting for the stars, you’ve likely invested a fair amount of time and money to build your dream team. But now that you’ve got them, you need to make sure you keep them. And this can be tough, especially in today’s hot job market.

We asked successful business owners in the Dream community how they invest in retaining their top talent to avoid the cost and inconvenience of staff turnover. Here are their seven best tips.

  1. Pay matters.

    Think you can’t afford to pay an hourly rate or salary that jives with the job and your market? Think again. In this case, the old adage – that you get what you pay for – is a fairly well known fact. Replacing employees who leave for higher-paying jobs can crush your profits, costing you time, recruitment and training costs, and lost productivity. If you want to put a figure on it, Manulife Financial estimates these expenses can add up to about 40% of an employee’s salary.

  2. Be flexible.

    These days, flex hours are one of the most highly valued benefits. A recent study found that 35% of employees want more flexible schedules and 46% say flexibility is the most important aspect when looking for a new job. Millennials have essentially grown up expecting it too, so if you want to keep young people, recognize that they don’t all want to work from 9 a.m. to 5 p.m.

  3. Celebrate success.

    Recognize your team’s accomplishments. It doesn’t matter if it’s a small win or huge victory – celebrate them all and thank everyone who was involved! This is an amazing way to keep your team motivated. Rewarding great work with a simple thank you (say it often, it’s free!), a small gift or a bonus will also increase loyalty.

  4. Feed the body.

    Companies of all sizes have been known to reward employees with a stocked fridge and coffee station. Bring in meals for meetings. Host birthday lunches. Celebrate successes and seasons with a team dinner. After all, who doesn’t love free food and drinks?

  5. Feed the mind.

    Feeding your team is a great perk, but many employees want more than a piece of fruit, a bagel, a cup of coffee or a free meal. Challenge them. Help create a career path. Create opportunities to learn new skills and take on fresh responsibilities. Promoting from within will also help workers see that there is room to grow in your organization.

  6. Surprise your team.

    Think of things you can do to make everyone fee extra special. Something small but unexpected – like coffee and donuts in the morning or sending staff home an hour early with pay – will be appreciated. Not only will these types of gestures delight your team, they’ll help increase morale too.

  7. Listen.

    Show your team that you value their contributions by asking for their opinions and ideas. Put away your phone so they have your full attention when you chat. Create an environment where employees feel comfortable being honest. You may get some constructive criticism and creative suggestions for improvement, but this type of feedback usually comes from people who really care about your business. By treating employees as a trusted source of information, they’ll feel a sense of pride and go above and beyond to create success.

There is nothing better than having a great team at your side to help build your business. So once you’ve hired and trained your workplace superstars, be sure to take extra steps to keep them happy and engaged. After all, the success of your business depends on it!