The consequences are definitely going to cost you more than what you think.
It is utterly difficult to find another potential employee in this competitive business era.
You will need to develop retention strategies in the early stages itself to hold employees on whom you’ve worked hard to get in.
Most of the CEO’s and business owners think that retention is based on Salary hikes and high incentives. Yes, they will definitely encourage and motivate an employee to stick around with the company for a certain period. But, that is certainly not enough to retain your best employees.
Along with the monetary benefits, you will also need to work on things which are not monetary in nature.
Here are the 5 best employee retention strategies
1. Create opportunities for growth
There is no way that the potential employee will work for you for the long term when there is no opportunity for him to grow, even when you are providing a good salary package. You have to be in his/her shoe to understand this.
You need to comprehend the goals of the employee directly by asking him or through other means.
You, as a CEO or owner of the business, can mentor & help them to grow and expand in their respective field.
2. Give room for creativity
Create an open communication opportunity if possible between employees and management. Conduct regular meetings and give them an opportunity to talk and share ideas they have regarding any product, project, or service.
This will allow an employee to be more involved in the company and will make them work with more determination.
This method will not only help in retaining employees, It also helps the founder and the management to get more broad ideas about their strategies for improving their product or service.
3. Be the best
“Employees don’t quit jobs, they quit managers” ~ Steve Miranda
Consider any world class leader, be it Elon musk or Steve jobs. They all have one similar quality which makes people die to work for them. That is integrity. Try to instil this quality and stick with your moral principles.
Nobody wants to work for a looser or any below average company. Be the best in whatever service or product you are providing. Everybody wants to work for a winner. It also instils a sense of pride if you are working for a top company.
4. Go beyond pay-check
Foster the employee development by training them to learn a new job skill or provide funds for coaching classes and certifications.
Many companies reimburse their employees further higher education to retain the best candidates. This method works virtually all the time.
Find out the best talent and promote them to the new positions and reward them. This will motivate other employees as well to work hard and give them a confidence that they will be rewarded for their hard work.
Give your employees the recognition they deserve for their hard work. Ensure that it is authentic and you totally mean it.
Giving a gift card or lunch with the boss works fine for the certain level. This approach completely misses the point of recognition and comes nowhere near to it. People crave for recognition and acknowledgement for the work they have done.
Implement these strategies right away and break rules for your exceptional talent.