5 Ways to Retain Top Talent In Your Business

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The best employees often provide the contributions necessary to build up a great company. Business owners and top executives should never let their best performers slip away. Stunningly, the best workers may surprise everyone by putting in their two-week notice. They might not want to discuss anything regarding staying with the company. Unfortunately, managers don’t always do what’s necessary to retain valuable employees. Sometimes, doing small things can keep those antsy employees happy.

Pay Them What They Are Worth

Employees who feel underpaid aren’t going to stick with a company for too long. If they can get more money elsewhere, they probably will start looking. Life comes with expenses, both necessary and discretionary. People want a fair salary that covers their expenses and gives them a little extra. Resentment kicks in when someone feels he/she is underpaid. Companies don’t always save money shorting their employees. Many other expenses arise when forced to replace the departing worker. Why not make a better investment in someone who already proved his or her worth?

Recognize the Employees

Monetary compensation isn’t the only thing employees expect. They also want some recognition for work well done. The nice gesture of handing out a framed certificate for performed service makes people feel appreciated. Appreciation goes far in terms of boosting employee morale. Positive morale also helps with employee retention.

Don’t Abuse Independent Contractor Status

Categorizing someone as an independent contractor makes sense when a company wishes to save money and isn’t familiar with the employee’s work ethic. Once someone becomes a long-serving, loyal, productive employee, the independent contractor status might become a turnoff to the worker. After all, he/she will want vacation time, benefits, unemployment compensation, and other things a full employee gets. So, be careful about locking someone into independent contractor status when he/she deserves to be an employee. Or, you may find the worker becomes a competitor’s employee.

Keep Task from Becoming Dull

Going to work and performing the same days day after day isn’t exhilarating. The monotony sometimes leads people wishing to look elsewhere. A pay cut might be preferable to the insidious boredom of a dull job. Why not change up people’s tasks now and then? Even minor changes can have some effect. Keep people out of the doldrums, and they might want to stick with the company.

Hire a Motivational Speaker

Motivational speakers and team builders can put together awesome seminars. They know how to instill interest in the company’s goals and mission. If a speaker drives up enthusiasm among seminar attendees, the audience could find some new love for their old company.

Pull out all the stops to keep employees in the fold. Never let valuable, experienced employees go.