Three Strategies for Retaining Your Best Employees

Are you currently involved with a startup? If so, it’s vital that you build your team with quality employees to help drive the business in the right direction. One thing that you may already be familiar with is how hard it is to attract employees that are qualified, skilled, and outstanding at what they do. But you may have overlooked how important it is to retain these employees once they start working for you. Here are three strategies you can use for keeping your star players.

Rewarding Your Top Employees

Everything all starts with identifying your top employees. You need to figure out a way to quantify the impact that your employees are making to your organization. Once a system is established, you can do several things to reward your employees. Here are some ideas.

– Recognize your best employees with awards and trophies. Mark their accomplishments in the company to show them that they’re making a difference.

– Offer performance-based rewards. There are now programs that award points based on goals and milestones. These points can be redeemed for various things like vacations, events, gift cards, and more.

– Set up team building events for the entire team. This can be special catering, an event at a top restaurant, or an off-campus outing. This is ideal if you’re looking to reward the entire team.

– Present more opportunities for key employees. Offer them free training to help them move to a higher position. Invest in their education to help them gain new skills.

Retaining Employees is More Than Just Rewards

As a leader, you have to understand that there needs to be attractive benefits and a beneficial system in place to keep employees. The thing that most employees focus on is health care and retirement benefits. That’s what initially attracts top employees to come work for you in the first place. If what you’re offering is far below your competition, then you’ll find it difficult to get the people you need.

Many employers think that it’s all about the salary, but that’s actually not true. For instance, this New York Times article states that pay isn’t even among the top five reasons employees leave. Aside from health care and retirement, employees need to feel engaged with their job.

You can help employees feel engaged by creating a powerful corporate culture. Creating a positive and engaging culture results in increased happiness. This translates to greater contribution and productivity. You can define the culture by stating the values and core mission of the organization. From there, you will want to establish the interpersonal dynamics.

For example, allowing everyone to contribute without the fear of being criticized or reprimanded for mistakes will increase engagement. Focusing on teamwork, rather than individual achievement, will create a positive dynamic between all the employees. Opening the lines of communication through team building events will help employees focus on the same goals and push each other to do better.

Aside from culture, you also need to provide a path for employees to grow. This can be through providing them with more responsibilities and bonuses, or by offering them the opportunity to climb to higher positions. Companies like Google offer free classes that delve into all kinds of subjects for their employees.

Don’t Forget the Hiring Process

Sometimes the problem is that there isn’t enough focus on the hiring process. You need a way to identify the best employees through your specific criteria. This can be anything from work experience, education, skills, personality, to culture fit. You’ll tend to get better results the more specific you are about what you’re looking for. Hiring simply to fill the position, or hiring based on general criteria, can lead to bad hires which can really weigh down your organization.

There are other tips for improving the recruiting process here. Some of the best tips include being creative about where you source applicants, using people over technology during the hiring process, and verifying the information of candidates.

The bottom line is that hiring properly will lead to a higher quality of employees. With everything else in place, you’ll find that this will also help improve employee retention. These strategies will ensure that you attract the best employees and create a system that will make them want to stay loyal to your company.

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