The most expensive part of any company are your employees. Imagine, you have to pay salary and benefits such as health care, benefits, cost of a holiday feast, and so more than any other category that exists in the operating company. Human resources (HR) are expensive. Especially if he is the best. Recruiting a new employee may issue a more expensive cost up to millions or perhaps hundreds of millions.
According to Investopedia, training new employees to reach to breakeven take average 6.2 months. That means if an employee leaves the company, you will need half a year just to get his successor to the basic level of skills.
But what if one of your top managers left the company? Even the best of the best in your company. People like this are not only not replaceable, but also have influence in the company. Internal and external relations as well as a domino effect on other employees would make losing people like this very disturbing the operations of the company.
To prevent this scenario occurs, the company will require some changes in treating a superstar like you. Here are seven ways to retain your best employees:
1. Promote Appropriately.
When your employees do work well and can make changes to the conditions of the company, then you should know that. Give them an award. One great way in giving awards is by giving them promotions. This will make the entire HR companies and others outside the company that you appreciate the extra effort that they do to make the company more profitable and efficient.
2. Pay Salaries Above the standard.
To maintain the best, you have to pay for them with the best paid. We are not talking about salary too high and unreasonable for these people, but their pay with the same salary or even below the market price for their position as if we tell them that their jobs are not really appreciated. What’s more, they could just come out whenever they want. Go to the place that could change their pay from 20 percent to 40 percent over the market price.
3. Listen to your Input or suggestions of your employees
Who knows what it takes to do the job properly? The people who do it best. If you want to retain your best employees, then involve them in the decision-making process. Create a “safety zone” where you ask them to answer tough questions about what should be changed. Then listen to their opinions. You may be unable to implement any of their advice, but you change what you can change and they will know that you value their input.
4. Encourage creative innovation.
If in the previous point is about changing the current state; points that this is about changing the future. Give your best people time and resources to test new ideas. This will keep them involved and perhaps will bring the company’s revenue stream from other sources. Many people love to innovate. Let them do it; feel the benefit from the involvement of everyone.
5. Clean up the ones that are not Useful
This is probably the hardest part is done. There are people within the company who like to rely on others. They don’t have a good work ethic, low productivity, loves to gossip and is involved in Office politics, they are a cancer to your team. Great people to work with other great people. Do the hard work to clean people like this. Their presence will only slow down the performance of the others.
6. Create a Friendly Competition.
When placed in competition or competition with others, they will tend to increase their production. Connect with all teams within your company to do problem solving the same or similar project with simultaneous work schedule. Offering a small gift (probably eat out for the winner) for the team that did the work of the highest quality in the shortest time. The competition was very enjoyable, interesting and makes people bound. People involved in the team usually will survive.
7. Give Them confidence.
Great employees know what they are supposed to do and when a job must be finished. Always remind them constantly will get them out of the company. Give them tasks or projects, and provide time to answer their questions, and then leave them. They will do their job well without having to have someone always watching them at any time.
No one likes his employees work for the company. And, in many cases, this can be prevented. As a leader, You have a responsibility to do what it takes to retain your best people involved in your company’s mission.
If you implement this advice, you have a good opportunity to increase engagement and attachment to your best people. Keep them happy and comfortable rooms will help you in running the company.