Everyone wants talented individuals to work for their company. You want to know someone is giving their job everything they have and are passionate about what they do.
However, many businesses are finding it difficult to attract and retain talented employees. Recent studies have found that more and more companies are losing money due to turnover rates, and the price to replace an employee can be anywhere between 16% for a low tier position, to 213% for an executive level position. (PeopleKeep.com)
Even more alarming, another study found that 31% of employees quit their job within only six months of employment. (Bonusly.com)
All of that adds up and creates problems with your business operations. So in light of the rise in turnover rates, I want to go over how you can keep talented employees engaged in working at your company and make them want to stay.
Today’s topic is a suggestion from Kelly Wentz, so thank you for submitting it!
Give people a chance to grow and learn
It’s interesting how many people think they want stability in life and a calm career, only to quit one day saying they “needed a change.”
People tend to enjoy new experiences, and repetition can suck the joy out of your dream job. Now, not every single person loves change, but a lot of your employees might feel trapped or restricted in their current position with nowhere to stretch their wings.
A significant opportunity a business can miss out on to keep their best employees is failing to give them a chance to learn a new skill. Offering optional courses for career advancement is not only good for morale and retaining employees, it also lets you use those new skills in your company.
We’ve had a few people who started off in one position and wanted a change. Instead of locking them into one place, we gave them to options to learn some extra skills and move over to a new position or change some of their current routines.
You may not realize it, but your company is either growing or dying. Refusing to add in new ideas is going to hurt you in the long run. You need to stay sharp, and the best way to do that is to encourage your employees to be forward thinkers and invest time into growing their talents.
Put the right people in the right spot
You can only retain a person with talent at your business if they are in the right position in your company. You can’t expect someone who’s great at accounting to succeed well working in sales.
Whenever you’re building out a specific role in your company, you should spend some time planning out the responsibilities beforehand and then make those clear during the hiring process. If you don’t communicate those details with whoever you’re hiring, you run the risk of choosing the wrong person, costing yourself a lot of money and time to rehire and train another person.
I’ve talked at length about hiring people who fit your company culture, but beyond that, communicating with a prospective employee about what their job fully entails is so essential when hiring for any position.
Having an employee who fits your culture, has the talent, and wants to do the job is the first step in having a long relationship with an employee.
Ideally, the right person will see our company as a place to stay and consider it a permanent investment of their time instead of a brief place to advance their career.
Demonstrate you care
Actions speak louder than words, and one of the biggest reasons a business lose talented staff is because they don’t feel appreciated.
People want to feel valued. People want to feel they’re making a difference. People want to feel they have a purpose. They want to feel appreciated. Kind words are important, but at the end of the day, people require more than empty praise.
How can you demonstrate you care? Well, there’s a lot of different ways to express you care. Perhaps you’re flexible with people’s schedules if they have a family event, or maybe you give them a raise whenever you can to show you appreciate them.
Not everyone is in a position to drop lots of extra money on their staff; however, you can still demonstrate how much you value your team by how you treat them.
For a start-up business who doesn’t have as much money, be sure to still try and pay them a fair rate, cover benefits that are important, and make business decisions with your employees in mind.
You can’t put profit first when it sacrifices your employees. We’ve avoided several risky business ventures in the past because the risk was not worth the reward. We never wanted to be in a position to let people go due to money.
Sometimes I hear the excuse “That’s just business,” used by companies as an excuse for treating their staff horribly. If you want to justify your terrible behavior as “it’s just business”, you can’t expect your employees to see you in a good light or care about your success (“It’s not their business”).
At the end of the day, people will make decisions based on what’s best for themselves and those close to them. If you don’t build a relationship and show your staff you care, then they won’t care about your business, and leave to find someone to treat them better.
Get leadership to buy-in
If you don’t have leadership in your company invested in your vision, then you’re going to have trouble getting your staff to buy into your company’s long-term success.
How do you get buy-in from your team? The reality is you can only get your employees to buy-in if you invest in them. If you and your leaders don’t have time to invest in your staff, those under your leadership are not going to care about their job.
How can you expect employees to invest and care in your business if others in management representing your brand don’t care about your business?
If you want to be a company like Google who’s always in the news for “cool companies to work at” you have to have to get people from the top down to be sold on your company’s success.
Honestly, the leaders of your company are the people who should be invested the most in your vision and mission. They should be excited to work there and leading the charge for where you want to go. If that passion isn’t shared by those in management, it’s going to be hard to create it in a lower level employee who has less control.
Why would you want to stay if you feel like the owners of your company don’t even want to be there? Take time and make sure you get buy-in from your leaders who can share the passion of your brand for the rest of your employees.
Treasure your team
Life’s too short to live with regrets. No one wants to work at a job for 50 years and leave feeling like they made no impact.
People want fulfillment in their job, so encourage and grow your team members who want to work for your company. Fan their passion, encourage their ambition, and let them know their hard work is being appreciated.
I hope you enjoyed my blog on retaining talented team members. I love hearing from you all, and maybe I’ll write about your topic soon!