It is imperative for any business organization to retain the top employees by means of motivation. An engaged workforce is a productive workforce. Businesses cannot achieve desired goals without experienced and qualified staff. Therefore, organizations need to motivate their employees to obtain the best possible results for a long period of time. There are several techniques that businesses should consider in regard to motivation and retention of top performing employees. Monetary Compensation
What is your company strategy in regard to compensation? Although money isn't everything, it is a key motivator in regard to employment. Businesses need to keep in mind what other employers are paying for similar positions. If employees are properly compensated for their work they will feel as though they are a valued member of the team. Also consider incentives such as bonuses and perks.
Your leadership team must be engaged in order to have staff buy-in. Values, policies, practices, and behaviors all make up the culture of your company. Building an engaging company culture is not something that happens overnight. You must work at it. Employees are looking for follow-through and commitment from the leadership team.
In order to retain top performers, a business needs to provide constant feedback. The days of quarterly or even annual reviews being the sole form of feedback are long gone. Employees want to receive constant, specific, and clearly defined feedback from their supervisors. Usage of positive feedback about the accomplishment is essential to motivate an employee. Additionally, an organization must praise the employee promptly to reflect a positive and motivating gesture.
Is your company mission statement clearly understood by all of your employees? You are leading a team and you need to ensure all members of your team know what direction to head. What is your business working to accomplish? What are the short and long term goals of your organization? Your mission statement should be posted in a very visible place for all employees to see. Consider adding your mission statement to the "about us" section of your website. Employee Involvement
Every business looking to retain its employees should improve organizational communication. Top management needs to learn the art of involving employees in the decision-making process. Though, management will most likely make the final and ultimate decisions, seeking advice from staff members can infuse a sense of employee ownership in the process. Staff members should be encouraged to actively participate in the decision making process by providing suggestions and feedback.
Learning & Development Opportunities
The goal of talent development is to maintain a competitive advantage for your business. Employees want to know that there are growth opportunities within the organization. Mentorship programs help to facilitate development activities through allowing newer employees to shadow more tenured staff. If an employee feels that there is a long-term plan for them within your organization that will afford them opportunities that align with their professional goals, they will be more apt to stay with your organization for the long-term.
Getting Rid Of Bad Employees
Why would you hang on to employees that have negative attitudes and low performing? Have you ever heard the saying, "One rotten apple spoils the whole barrel?" If your employees see that you're letting their co-worker getaway with poor performance the rest of the team will resent that. Why should everyone else have to pull the weight of the poor performer? Additionally, employees with bad attitudes can poison your entire staff. Cut your losses!