People Management

5 tips for retaining the best people in your company

Posted on December 20th, 2012

Categories: Business, Management, People Management

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What is the most valuable asset in your company? The expensive IT equipment that is kept under lock and key in your office? Your office space itself? Or perhaps you think that the most prized possession of your workplace is the stock that you hold? In fact, there is nothing more valuable to an organisation than its staff. Consequently, it can be a challenge to keep hold of your company’s top performers.

The key to success in any business is not only to create jobs but to attract brilliant employees and to keep them over a sustained period of time, and retention of the best employees is not as straightforward as it might initially seem. The size of a paycheck alone will not keep employees motivated, but employees will stay loyal to your business if they feel that they are recognised, engaged, challenged and working as part of a team.

The people that work for your company can represent a huge cost in your business resource planning, however, the right people will also be your greatest investment. To ensure that your company is married to employees that deliver real value you should begin by deciding exactly who you need to retain, and be completely honest with yourself in the process. Some people are more valuable to your company than others, so focus on things that are important to them.
Here are five great tips to keep the best employees in your company, long term:

1. Hire from within
Creating internal opportunities gives your employees a reason to stick around. Knowing that there is a room for growth within the company will stop your employees looking elsewhere.

2. Keep your top employees engaged and connected
If your top performers aren’t given stimulating work, recognition, and a chance to prosper, they can easily become disengaged. Provide them with the opportunity to build direct relationships. This ensures that they gain autonomy and recognition on the job. Also, it gives them enhanced insight into what really makes your business tick.

3. Link critical competencies to your business strategy
Have you thought why your employees do the things they do? How do they contribute to the bottom line? Make sure that everyone understands the importance of what they do, and why they do it. This sounds basic, but it’s really easy to overlook in the midst of the day-to-day activities. Also, if people are lacking in important skills that are key to your business, make sure that they are given the opportunity to learn them, if it falls within their job role. This can be hugely motivating to employees who wish to better their work performance.

4. Provide opportunity to influence your company strategy
Acknowledge that your people have learned things on the job and are able to contribute in a larger sense. It’s good practice to invite them to participate in meetings and think actively about the future direction of the company.

5. Create alternative employment structures and look for those seeking part-time work
Not all staff turnover is driven by employees’ career ambitions. Sometimes staff leave simply to have more time with their families. By allowing for job sharing, part-time work and working via use of new technologies, small companies can take advantage of the expanding number of talented workers that are looking for precisely such opportunities.

We can help you with your key resource planning and help ensure your people make a positive contribution to your bottom line. Get in touch today to find out how Ascend Twentyone can help your business.

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