The good news is that many businesses today have come a long way from treating employees as dispensable resources. Most managers will readily agree that it’s important to keep your top employees, which helps sustain customer satisfaction, product sales, and employee morale. Companies also know that having to constantly hire and train employees is expensive, taking about six months to reach the break-even point of their investment.
But the problem is that not all managers know how to keep their top people. Listed below are four workforce management practices that will help you do just that.
Recognize and Reward Good Work
When your best people are putting it in great work, make sure they know you appreciate this. A promotion will always be the best way to recognize outstanding work that made a difference to the company. This shows other team members and those outside the organization that you don’t just pay lip service to your workers’ achievements, you actually reward it appropriately.
But you also want to check if the person you’re promoting actually wants the change in title and responsibility, otherwise you may take away the satisfaction that made them effective in the first place.
Pay More than the Usual Rates
If you want to keep the best employees, you need to pay great rates. This doesn’t actually mean paying absurdly high salary figures; it’s more about giving them something above the market rate, which shows you value their contributions to the company. Depending on the jobs in question, they may be compelled to stay if you’re paying them an average rate. But if they have skills that are in demand, you need to do more if you want to keep them around.
Listen to Your Employees
Employees who feel ignored or feel they aren’t part of the decision-making processes of your company won’t have the motivation to do their best work. Why would they, when they aren’t emotionally invested in the company’s vision and mission?
Encourage your employees to voice their honest opinions about what they think should be done and changed, and listen to them. You may not be able to implement every idea you receive right away, but your team will appreciate having someone acknowledge their opinions.
Unfortunately, micromanaging is a bad habit of many managers. Great employees know what they need to do and how to go about doing it. Constantly checking in on them and telling them what to do will only kill their motivation and morale, making them feel incompetent and unworthy of your trust. Instead, let your employees do their own thing, but always be available to answer whatever questions they may have.
Get more workforce management tips from the staffing specialists of Top Notch Personnel. If you’re looking for talent to fill in open positions, talk to our team to access our pool of active job seekers.