What Are the Best Ways to Retain Valuable Employees?

business-transactionsAny good business owner will tell you that the key to success is learning how to retain valuable employees. A high rate of employee turnover can cripple your business, never allowing the company to flourish. Employees are your most valuable asset as a business owner. Here are some tips on how to keep them around.

Top 5 Ways to Retain Valuable Employees

  1. Forge a Relationship – Building a healthy and fun relationship between you, management, and the employees is a great way to reduce employee turnover rates.
  2. Hire the Right Person – That expression “square peg in a round hole” works for employees, too. Hire the right person for the right job rather than hiring someone who can do the job but is better suited doing something else.
  3. Offer Better Benefits – Employment studies show that the workforce today, particularly millennials, are more attracted to jobs with better perks and benefits than a higher pay. The higher pay, while nice, doesn’t offer the same satisfaction that some benefits could. For example, offering more paid leave and other special perks.
  4. Get Rid of Downers – Weeding out the downers will allow everyone else to flourish. If you have employees that cause friction among their coworkers with excessive gossiping, bullying, or just a generally bad attitude, you really should consider cutting them loose.
  5. Offer Anniversary Incentives – If the only incentive to keep working for you is to continue getting that same paycheck every other week, employees may grow disinterested. Offer a periodical raise, or a bonus every anniversary of their hiring to give them something to look forward to.

The Manalapan business attorneys at Garland & Mason, L.L.C. are very experienced in all aspects of employment law and would love to help you create, grow, and protect your business.


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