reward talent

Hiring the right people to work for your business can be tricky. Unfortunately, this is only the first step in a very long process. More often than not, it can be just as difficult to retain an excellent employee for longer than a year or so. This is because people who are competent, driven, and passionate are going to be constantly looking for better opportunities. One of your major goals as a business owner should be learning about how you can keep these individuals in your employ for as long as possible.

Not only does having the right people on your team help your business excel, it also helps you bring new blood into your company. Consider these tips and discover the best way to retain your employees. 

Company Culture

First and foremost, take a look around your business and take stock of your current company culture. Company culture can be somewhat difficult to define but it is essentially the practices of the business and its employees and how these methods come together to create a unified social and psychological environment. According to market research, poor or negative culture is responsible for a large chunk of exceptional employees leaving their jobs for better opportunities. To retain employees, you absolutely want to get a better idea of your current culture and how to improve upon it.

In the past, upper management would try to improve the mood around companies by offering hollow incentives or treats like pizza. While this might seem like it is enough, most employees see through such empty gestures. To create a substantial customer culture, real incentives must exist. Employees need to feel both supported and heard. You might also want to update your practices to seem more modern. Create a W2 online instead of on paper and it can help showcase that you are on the forefront of the future. Focus on how you can make lasting changes in this regard.

Pay Matters

While incentives, perks, and amenities might all help seal the deal for a potential hire, the most important aspect of a new job for all people is money. If you can’t offer competitive wages, you can’t expect to keep employees. What’s more, you absolutely cannot promise future bonuses or raises for employees when you do not have a tangible idea of whether or not it is possible. The worst thing you can do is string along your staff in the hopes that they will stick around long enough for you to come up with a way to appropriately compensate them.

Take time to understand the industry standards for the positions you need to fill. When you are offering a considerable amount less than other businesses for the same amount of work, you are not going to get the most skilled individuals. By understanding the industry standards, you can start making better offers and provide salaries that actually make your company an appealing option to those searching for new career opportunities. Plus, a decent wage is enough to keep most people on your team for at least a few years.

Reward Talent

A common mistake many business owners make is focusing exclusively on the employees who seem to be struggling or falling behind. This is because managers will usually ignore competent employees because they assume these individuals don’t need any assistance or guidance. While this might be true in some ways, neglect can easily make a person feel like he or she is not in the right environment. Be sure to reward talent whenever possible. Avoid empty praise and offer real rewards and bonuses to those who are going above and beyond for your business.

While the hiring process can be crazy in and of itself, you want to dedicate energy and resources to retention. Exceptional employees can be hard to come by. Take time to understand what you should be offering compared to other businesses in your industry, focus on the importance of company culture, and focus on the fact that you need to over real wages to your team members and you will have a much easier time seeing the success you desire.