Many businesses underestimate the value of their best employees. They take out key-man insurance to protect against the possibility of a director or senior manager becoming indisposed for any reason, but if one of their brightest and most valuable employees jumps ship to work for a competitor, they don’t bother looking at why this happened or what could have been done to prevent it from happening.
This is not good! ‘Brain drains’ can have a massive impact on any business and you need to do everything in your power to keep your best and most valuable employees on board. It costs time and money to replace a valuable employee, which has a direct effect on team morale and productivity. So what can you do to prevent top employees leaving for pastures new?
Hire the Right People
Not all the people you hire will be a good fit for your organisation. Personality plays a big part, but new hires may not have the same values or even the right skills. One way to prevent a continual revolving door of employees is to ensure you hire the right people in the first place. The better the screening process, the more likely you are to hold on to valuable employees.
Improve Colleague Relations
No matter how talented an employee is, if they don’t feel valued by their team leader or other colleagues, there will be little incentive for them to stay. To prevent this from happening, implement a mentoring scheme whereby new employees are mentored by a more experienced colleague. Employees are less likely to leave if they are part of a tight-knit team and the management hierarchy is effective.
Weed Out the Bad Apples
Toxic working environments are disruptive. Nobody wants to work for an arrogant, intimidating manager who continually belittles everything you do. If you have people like this working for you, it is highly likely that any decent employees will be looking for an opportunity to leave as soon as possible. So instead of watching your top employees get poached by rivals, deal with the bad apples sooner rather than later.
Encourage Employee Loyalty
There are lots of ways to encourage employee loyalty. Paying a completive salary always helps, but it isn’t enough to keep the best of the best working for your business if they don’t feel valued. Instead you need to make your employees want to go the extra mile for the company. Be flexible and caring at all times, and reward hard work with special treats or financial incentives. And don’t forget to make the workplace fun!
Offer Professional Development Opportunities
It is important to offer plenty of professional development opportunities. Give employees the chance to go on training courses with providers such as commsupportnetworks.co.uk. This helps to make an employee feel valued and appreciated, which means they are more likely to stay with the company.
If you keep the above tips in mind, you should be able to create a workplace where your employees are happy. Good luck.