Keeping Your Best Employees Is Critical To Your Business Success

What?! You’re leaving me?! 

A business owner or team leader’s nightmare: When top employees put in their resignation.

offering more money to employee to stay

Please Stay!

Was it me? We can change!

As a business stakeholder, your first line of defense will most likely be to offer them a promotion and or an increase in salary if they stay.  I’ve read studies that suggest accepting this type of offer should be avoided for various reasons. However, if you want my opinion; I have never and would never accept a counter offer simply out of principle. In fact, I find it insulting to learn that I am worth more only because someone else thinks I am worth more. So what is an employer to do? Simple!

Keep your best employees HAPPY!

Ok, so this may not be as easy as it sounds. The concept is simple and can be easy. Keep in mind, what is easy to do is just as easy not to do. Make sure you are doing the easy things. All good employees want to feel like they are contributing value and want to be compensated fairly for their contributions. Here are a few easy ideas to consider:

    • Have a clear set of objectives and expectations
    • Show frequent gratitude & THIS INCLUDES THE SPOUSE!
    • OVER PAY your good employees

Have a clear set of objectives

This is critical for all team members so they know what they are striving towards. Keep it clear and simple and this will allow them to prioritize their day around results producing activities. If the role or objective changes, be sure to include them in the decision making process.

Show frequent gratitude

Look for opportunities to show your gratitude. It can be as simple as a quick one on one verbal thank you, a hand written note or email. There is a multitude of ways to show appreciation. Do it often for work done well.

nagging wife

Make the spouse your ally

Another often over looked way of showing gratitude is to thank the employees spouse or family. Might a hand written note with a gift card to a nice restaurant make them your ally? Instead of coming home to a nagging spouse after a long day, they may be greeting them with encouragement and understanding. Just do it and see the positive change in your employees! Create additional and ongoing small perks for incremental goal achievement and performance wins.

OVER PAY your good employees

This one is pretty clear and is very critical to the long term success of a company.  Simply put, if you pay an employee less than the going rate for a particular job, they will know it and will feel less valued and less motivated to perform at the best of their ability. Perhaps even a subconscious sabotage. This undervalued mentality breeds negativity and doing the minimum required to keep their job.
Employee Raise

A little token to show our appreciation.

Now, on the flip side, if you over pay your good employees, they too will know this. The result will be positive team players who feel valued and will want to live up to the higher expectation placed upon them.
Offer your best employee a 10% pay increase for no reason other than you appreciate their effort and hard work.  You better believe their productivity and positive energy will increase the moment they leave your office. Frustrations turn into exciting challenges and they are better able to rally the troops to find solutions.
I dare you to prove me wrong! In addition, they are less likely to be looking for a better job or be tempted by head hunters who are eager to recruit your best talent.
I hope you find this advice helpful and welcome your perspective, feedback and additional ideas to retain good employees.

PPC, Social, EMail with a hint of SEO & Integrated Marketing. Rocking the Milwaukee & Chicago areas with my self proclaimed oh so valuable opinions and inspiration

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Posted in Attitude, Business, Hiring employees, Human resources, Retaining talent
6 comments on “Keeping Your Best Employees Is Critical To Your Business Success
  1. Robert Brady says:

    In the movie Finding Forrester the title character advises the young man he is mentoring that “The key to a woman’s heart is an unexpected gift at an unexpected time.” The same could be said of your employees. Give them a bonus, gift or raise unexpectedly. The goodwill is easily worth the price.

  2. Peter Rigg says:

    I couldn’t agree more – some good tips here. Many business owners are too busy to think about the unspoken feelings of their staff, until it’s too late. Addressing staff morale with hindsight is a bit of a paradox really.

    The costs associated with replacing your best staff are significant. After an expensive recruitment process you end up paying the market rate to the departee’s replacement anyway 🙂

    • jostumpner says:

      Not only is recruiting expensive, it is time consuming and you need time to train the new hire, all while interrupting a good customer experience. (Of course referring only to “good” employees leaving).

  3. Michael says:

    It’s really unfortunate that this happens. Great, dedicated and loyal employees are hard to come by. You’d think it’d be an easy thing to learn.

    Another result of this problem is that other great employees witness this. It can cause hard feelings with them as well. Even worse, it can cause their workload to grow since another valuable worker is lost — someone has to pick up the slack.

    One other thing an employer can do to help themselves is be transparent with these key people. Involving them in some of the decision making processes within the company will make them feel like they’re stakeholders.

    Interesting timing on this post given that I’ll be starting a new job in just over a week. While not a quite a major reason for my move, this topic was a part of my deliberations.

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