CSIS Insurance Services, Inc. Blog
Employees are a company's costliest expenditure. Salaries and benefits cost more than any other section of a business. This is why high attrition rates are a death knell for a company. Consider this, a new hire would have to be trained at least 6 months to be able to replace an experienced employee.
The situation becomes even more critical if a top employee resigns. The best people are irreplaceable and their loss will affect the organization and staff morale. Make sure that doesn't happen with these five ways to keep your best employees in the company.
1. Promote the Right People
One of the best ways to show that you recognize an employee's excellent work is through a well- deserved promotion. Not only does this validate the employee's value, it also shows the rest of the staff, and people outside the company, that you are grateful and recognize worth.
2. Pay Above the Market Rate
To get and keep the best, you have to make it worth their while. This doesn't mean you have to give them very high salaries, but you also shouldn't pay them the regular market rate or worse, lower than the usual rate. A pay that's anywhere from 20 to 40 percent over the market rate is fair and will keep them happy.
3. Get Their Input and Implement it
A lot of managers tend to dismiss their employees opinion. This is a major oversight as these are the people on the ground and should also be involved in making decisions. Create a system or a way where you can ask them pertinent questions about their opinion and listen to their ideas. While you might not be able to accommodate every suggestion, you can implement some ideas and show them that their inputs are important too.
4. Encourage Friendly Competition
Competition encourages productivity. Encourage friendly competition to motivate staff and keep them engaged. You can create teams to work on a solution to similar projects or problems and give the same deadline. Make it more challenging by offering a reward to the team that comes up with the best work.
5. Don't Micromanage
The best employees got to where they are because they know what needs to be done. Micromanaging or nagging them will just drive them away. So give them a project, be supportive and available for questions, but leave them to do what they do best.
No one wants to see a good employee leave. As a leader, you have what it takes to keep your best employees with you and insure your company's continued growth. At CSIS Insurance Services, Inc, we put our clients first by offering them policies that they can afford. Learn more about our products and services by calling our agency at (888) 501-2747. You can also request for a free quote by clicking here.
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