HOW TO RETAIN GOOD EMPLOYEES

Resource Center » How to Retain Good Employees

Methods to help companies retain good employees.

A business is only as good as its employees. That's why it is important to hire and retain high quality and dedicated employees. Several methods can be implemented to increase employee retention, including the use of praise, the display of respect, and the allowance of benefits.

Praise is one of the most overlooked ways for employers to generate employee loyalty; it is also the easiest and most cost-efficient method. Praise can be given to employees in a number of meaningful ways. If you want to thank them privately, you could invite outstanding employees into your office and privately praise them if they have recently or consistently done an outstanding job. Or, for a more public form of praise, you could commend employees in company newsletters, during staff meetings, or through company emails. To make them feel extra special, you might even decide to reward them with employee recognition gifts! Praise should be the first step in your employee retention plan no matter how you choose to express it.

On the surface, respect seems similar to praise because both require very little effort and little-to-no monetary investment. Sufficient quantities of either respect or praise can make an employee fiercely loyal, and a deficiency in either can make an employee lose productivity and eventually look for employment elsewhere. You can show basic respect to employees by never yelling at them or demeaning them. If criticism or a reprimand is necessary, then it should be delivered in an even tone and without resorting to derogatory language (and it should always be done in private).

Another way to show respect for good employees is to eliminate bad employees. If you retain employees that are habitually late, inappropriately dressed, and repeatedly give sub par performances, then you are implying that disrespectful employees are equally appreciated. This could be a slap in the face for an employee that is constantly on time and meets or exceeds job expectations! To be truly respectful of good employees, a company must maintain a strict retention policy that rewards an excellent work ethic with continued employment and releases those who do not live up to company standards.

You can also show respect to employees by keeping their salaries competitive. If an employee is working diligently and is constantly living up to the outlined job expectations, then a competitive salary is required. Even though it is understandable to start new employees at low to moderate salaries while they are becoming accustomed to the company, their salaries should increase once they have demonstrated responsibility. A consistently low salary can lead an employee to feel his work is not respected and he will begin looking elsewhere for employment.

Many companies offer competitive pay and are worker-friendly. In a thriving job market, employment decisions may come down to the benefits offered by the employer. Health care is one of the biggest concerns for workers today and a good health plan with a family option will entice many workers. Stock options, matching 401k funds, onsite daycare options, and discount programs are other benefits that may increase good employee retention.

It doesn't take a lot of effort to show your employees that they are valued members of your company. If you implement a combination of encouraging words and respectful actions, then you will be on the right track to retaining good employees!

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