Valuable employees are worth a lot to your company or business, as without them, you would struggle to retain your position amongst your competitors. You may also struggle to build a sustainable and future-proof business. Retaining valuable employees, therefore, has to be a task that you start to prioritize, and here is a short guide on how to do so.
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Reach Out to Your Employees
You can start the process of retaining those valuable employees by reaching out and communicating with those you want to keep. Opening lines of communication and listening to what employees need and want will be important. Trying to second guess this is no good, and it is simply a waste of resources. If you aim to reach out regularly to employees (at least once a month) you will stay in tune with what they expect and need within their roles. If you can maintain regular contact with your employees they will feel part of your company or business. They will not feel like they are on the sidelines; instead, they will feel like they are making an active contribution to everything you do.
Add Value and Introduce an EVP
As well as regular communication with employees, you also need to look at giving more back. You can do this by adding value to employees, and to their working life by introducing at least one EVP or (employee value proposition). This could be an incentive such as a perks package, or it could be an investment in their health and well-being. Reaching out to a specialist EVP provider may be what you decide to do. Or, you may look at creating packages that benefit your employees and their daily life; such as those that give regular gym access, or regular discounts at top stores. Adding value to an employee’s existing compensation package can make a huge difference in how they see your company, and of course, how long they stay.
Throw Away the Target Setting
Employees are constantly under a huge amount of stress, and one element of stress you can reduce for employees is the need for target setting. Targets may help your business achieve its growth and sales objectives; however, what are they doing for the well-being and health of your employees? Unrealistic and constant target setting can put employees under an incredible amount of stress, and it can leave them looking to move to other companies or firms. So, instead of focusing on excessive target setting look at other ways to monitor employees. Perhaps you could look at holding regular one-to-one sessions that focus more on talking and communication and less on dictation. Or, maybe you could encourage employees to take more accountability for their actions, and for their personal growth.
It is important to remember that not all employees are the same. This means that to get effective results you will have to look at introducing different strategies and approaches to suit the individual. Trying to create a one-size-fits-all approach is not going to work, and it is not going to make employees feel valued as individuals.