If you have already mastered how to gather a great team, then you have managed more than some other companies in the market have been able to do. However, once you have the great talent you are looking for, your job is not yet done. You also need to figure out how to keep them at your company. To do that, you need to start early with your employee retention strategy.
Follow these five steps for stellar employee retention and learn how to keep your best people.
1. Focus on Compensation at the Right Time
For many employees, if they are not earning what they feel is fair, they may start to look for other opportunities. If you find that they have been given an offer by another company, it is likely too late to convince them to stay with a raise. To avoid this, you need to get the compensation right in the very beginning and make it worth their while to stay. (Learn how to negotiate salary at the interview here) Additionally, you need to provide them with a raise before they start looking for another company that will give them ample compensation.
2. Pay Them Market Value or Above as Soon as Possible
Even if you cannot do it when you are going through the hiring process, you should try to get to that "market value" pay range, especially if you value them as employees. The ones that are worth the money are more likely not to tell you about their frustration with the low pay and simply look for other opportunities.
3. Act Even if They are Interviewing
If you think your employees are interviewing for other positions, it's okay to get paranoid. However, do not just be paranoid about losing them - you should do something to make them stay. You may not always know when this is happening, but there are some signs that make this more obvious: leaving the office at odd times, talking on the phone while in the parking lot and avoiding a conversation with you about it. Find out what the issue is and attempt to resolve it if you want to keep them.
4. Create a Growth Path for Employees
All of your employees should have a growth path in the company so they can see themselves growing in the company. If you do not have this in place and they feel as though they have reached the highest point they can get to in the company, they will inevitably start looking for a place where they can grow.
5. Focus on Getting Feedback Quarterly
Make it a point to talk to your employees on a regular basis to see what you can do to make them as happy as possible with the company. Annual reviews should be done with all employees but for the ones you really value, make a point to do it quarterly. You can learn a lot from employees if you simply listen to them and ask the right questions.
If you need assistance finding qualified employees for your business or need assistance with employee retainment, contact Artisan Talent to get started.