It’s a challenge to hire employees and put together the right team.
But it can feel even more difficult to keep that team in place. And the better they are at their jobs, the deeper the challenge becomes for the companies who hired them in the first place.
Having a top-notch team is non-negotiable. As any employer knows, retaining valuable employees is paramount. You can’t rest on your reputation if you want to keep the best employees around. To keep people happy, encouraged, and motivated, you need to have a plan, so they won’t start looking somewhere else.
To keep them on board, make sure you’re at the top of the game in your industry in these 3 areas:
Recently, I helped a job seeker leave a prominent, respected company. Why? A 43% pay increase plus a 10% bonus. Pay is not all-important to every employee, but it’s still a significant priority for most.
Make sure you’re keeping up with your competition by researching typical salaries in your industry. Be sure your wages are competitive and that you’re paying employees who do the same work equally. If you don’t, they may start to look around.
When you’re negotiating a starting salary, don’t lowball your job applicant. And be aware that in nine places in the U.S., it’s illegal to ask a job applicant about past salary. If you’re in Puerto Rico, Oregon, California, Delaware, Massachusetts, Philadelphia or New York City, that’s the case for all employers. In New Orleans and Pittsburgh, employers in the public sphere can’t ask.
For existing employees, conduct evaluations on schedule and acknowledge the efforts and accomplishments of employees who help support your company’s goals. Recognize employees with concrete rewards, such as time off and bonuses. These kinds of rewards will also help promote loyalty and a positive company culture. And let employees know why they earn the salary they do from your company. Transparency around the process for determining compensation earns trust–sometimes even more than bigger wages.
Gone are the days when workers are content to fill the same role at the same company for three decades. Today, the employer who has a vision for their employees is the one who holds onto them. Employees should feel that their career with your company is a journey toward personal and professional development, an opportunity to make a difference and have a meaningful impact.
Start by developing a vision for employees in your company. What will he be doing this time next year? What skills will she develop by her fifth anniversary? Who is on the fast track to a leadership role?
You can help answer these questions by pairing more experienced employees with newer ones through a workplace mentoring program. This will help employees connect with and learn from one another, but it will also give you valuable information about the skills and strengths of each person in your company.
Work with HR to put a succession plan in place. This will help your company in case of illness or sudden departure. It will also encourage employees who know they’re on an advancement track to remain invested in their work.
Remember skills development. A worker who’s bored is a worker at risk of being wooed by another company.
Be proactive and check in with employees. Ask directly: What’s working, what isn’t, and what would they like to learn to become more skilled at their job? Invest in on-site training and workshops, offered on your dime. Pay for your employees to attend conferences, off-site trainings and other educational opportunities. The goal is to keep employees fresh and interested in their work every day.
And consider working with your HR department to implement a job rotation strategy, which has been shown to increase loyalty and employee investment, while helping them discover hidden skills and foster a more flexible workforce.
Related post: Corporate Skills Training Is The New Black
“Connect the dots between individual roles and the goals of the organization. When people see that connection, they get a lot of energy out of work. They feel the importance, dignity, and meaning in their job.” – Ken Blanchard and Scott Blanchard