How to retain your best employees

business planning ideas

Credit: Kalawin

What’s the one thing all successful businesses have in common? Surprisingly, it’s not the technology, the corporate structure, or the way they manage their capital. Rather, the one universal truth about great companies is that they all employ capable professionals. Indeed, the best business ideas won’t do you much good unless you have the right team in place to carry them out. And just as important as assembling a talented set of employees is hanging on to them. Companies that experience constant turnover will naturally struggle to perform at a consistent level. Given all that, today we’ll explain how business leaders can retain their best employees and ensure that their organization builds on its potential.

Play Fair

One of the fastest ways to lose the trust and/or respect of your employees is to set unrealistic expectations. Indeed, professionals hate having to work under stringent time restrictions. What’s more, once you’ve established the parameters of an assignment, it’s extremely unfair to “move the goalposts,” so to speak. The best employees won’t shy away from a little hard work, but there’s a big difference between giving your team a tough task and asking them to do the impossible.

Never Stop Training

Every business has some form of new employee initiation. During this period, new team members go through various training programs related to company policy and the specific aspects of their job. The best business leaders, though, make it a point to provide their team members with educational tools beyond the initial integration stage. Soft skills training videos, industry conferences, and insightful blog posts are all tremendous resources for business owners to share with their staff. Ideally, employees should learn new things all the time. Not only will this benefit your team on a personal level, but it will offer your company a host of advantages as well.

Challenge

Talented individuals will get bored taking on the same work for months on end. As such, business owners shouldn’t be afraid to challenge their employees with more complex assignments. Contrary to popular belief, most professionals will enjoy the chance to tackle a meaningful task. In fact, the more significant the goal, the more satisfied your team will feel afterwards.

Reward and Promote

Naturally, when employees excel, business owners should reward them for their efforts. Financial bonuses, increased autonomy, stock options (etc.) are just a few ideas to show employee appreciation. Additionally, business owners should consider promoting talented staff members to higher positions within the company. This is a cost-effective measure that will also boost morale at the same time!

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Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is available for $25.


The book, with additional reporting by Zach Pereles, Scott Ratcliffe and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018, and how coach Tony Bennett and his team used that loss as the source of strength, through to the ACC regular-season championship, the run to the Final Four, and the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.
 
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