You have a powerful and dynamic workforce, they give your business a real edge and you really do not want to lose them. So, just how do you keep those employees who raise the bar every day they turn up at the office?
It is important to realise that employees are an expensive part of any organisation: whether they are good at their job or not. Benefits, salaries, healthcare plans and paying them to go on annual leave impacts on a company’s finances more than any other category.
Just bringing in a new employee can cost several thousands of pounds. Training that person to the point where the employee actually starts to make money for the business, can take as long as seven months. Moreover, should that employee leave (for whatever reason), you might need another seven months to get his or her replacement up to scratch and see that financial breakeven point.
We are just talking here about the shop floor workers and office clerks, but what if one of your top producers left? The crème de la crème of your organisation? Some employees are simply irreplaceable. And when these people leave, the knock-on effect can be brutally damaging. Internal and external relationships with clients can be lost and the organisational effect can be very damaging.
To stop and prevent these departures there are a couple of key factors you will need to consider, in order to keep those productive members on board the company train:
- Appropriate Promotion: Give the best in the company recognition. Promote those who really are doing some good. But be careful not to just simply promote for the sake of it. A person may be happy in their role and moving out of one job and into another could damage this happy medium.
- Pay greater than the Going Rate: Hiring and keeping the best means you will have to pay them more than your competitors would. You do not have to pay stupid money, just make it around 20 per cent over and above what everyone else is paying. This shows you truly value their input and that you want to keep them in the role.
It is also important that you listen to the employee and value their views. Simply nodding your head and not applying it is not good enough. In other words, hear them out and apply their strategies accordingly.