3 Employee Retention Strategies That Will Keep Your Employees In Their Seats

One compensation strategy that will help you build a successful business is to compensate your best employees with above market rate salaries. Why? 

It minimizes the chance of losing your top performers because you wouldn’t pay them the money they deserve and can get elsewhere. When you keep top talent, they grow and become even more valuable.  Turnover of top talent is expensive.  Keeping them will allow you to grow profits.

Exceptional employees typically know their value and want that talent compensated appropriately.  If they don’t feel they are being compensated adequately, the risk of them leaving increases.  Once they start looking for greener pastures, you’ve lost them.  Even if they stay, their morale will suffer and their work will deteriorate from high performance to compliance.  That work deterioration can be expensive, both in real costs and opportunity costs.

Here’s a fact: Top talent is easy to manage, and they are already wired to outperform everyone else early on in their role. They will be thinking about ways to do their job better, faster and more creatively. They are addicted to winning. You will benefit from these traits as you grow your company!

A qualified employee will do their job adequately within the time allotted, but a top talent will do their job with creativity and quality, and deliver early with no need for follow-up from you. Retention of top employees pays off! And employee retention builds profits.

Fully engaged employees have a desire for development. As an employer, you are doing yourself a favor by intentionally developing your best employees! Why? Because when an employee feels fulfilled, they won’t go anywhere else. Professional growth is one of the most important engagement tools businesses need to consider. And if you have high performers, you really need to help them feel challenged and engaged.

The more your employees know about the direction of your company, the better prepared they will be to offer creative ideas and solutions. As well, they will be more open to change, which is the constant in today’s world.  After answering the below questions, what employee engagement ideas can you think of that will engage your team, and especially its top performers.

Driving your business towards growth and profitability should be the goal of each one of your employees; especially those with the most to offer.  They need to know how important their roles are in driving your business results.  

Good employee retention and employee engagement strategies will yield growth and profits to your business.