Why do the company keep losing its best employees? Every company has its star employees–the ones who have been there through thick and thin, who show up early, stay late, and even work their off days when necessary. You might think these employees are committed to your company, but if they are not treated properly, they could walk straight out the front door.
You could lose the best employees to your biggest competitors because of HR mistakes. Below are a few of the biggest reasons the best-of-the-best in your business might decide to look elsewhere for employment.
Here are seven primary blunders from HR that don’t do good for employee retention:
Most people are willing to put forth substantial effort if they are offered fair compensation in return. Your best employees may support your company a, but ultimately, it comes down to money.
Find a way to pay employees what they are really worth to your company. No one wants to learn new systems, develop new methods, and take on additional responsibilities, only to earn a measly 1 percent raise at the end of the year.
If an employee is consistently improving your company’s business, he or she deserves to be compensated for it. If you are hesitant to pay a higher wage, ask yourself what it will cost you if that employee leaves. Upping the salary of a top performer is almost always less expensive than having to go through the recruitment and hiring process again.
While money is good, it cannot replace a day off or time with family, especially for those with children. Most employees understand that extra time is sometimes needed for a big project, but once the project is complete, let your people recharge. Give them an extra day off, offer up more vacation time, or send them off with a nice gift card to treat their significant others to dinner at a good restaurant.
Even if you can’t offer employees unlimited vacation, you can offer something small that demonstrates you understand your employees’ need for work-life balance.
Employees give you their time and energy every day they work for you. But in the long run, they want to know that they matter more than a simple exchange of time for money. Some companies offer more vacation time or paid leave time for tenured staff, while others allow employees to earn all-expenses-paid trips with their accomplishments.
See: Ways to Attract and Keep Best Employees
Upper management is seen as leading a company in all respects–from the policies it sets to the attitude and respect for others it demonstrates on a day-to-day basis. So many times, those working long hours counting beans at the bottom feel unnoticed by those at the top–even though they feel they are working just as hard.
To avoid losing top performers to this challenge, take a lesson from Colin Powell. While working his way through the ranks, Powell made it a point to meet and talk with those under him, making sure they were being given the appreciation they deserved. The practice helped him develop and retain top performers, and he speaks of this and many of his other best practices in his book It Worked for Me.
No matter how well a job pays or what dream project the position entails, many employees will jump ship if the atmosphere feels more like a morgue or a fight club than a professional office.
Rob Asghar argues that most managers would be smart to realise the benefits that can be reaped from fostering a positive work environment. Maybe it means changing the lighting, purchasing more inviting furniture for your staff’s workspace, or pumping up some positive music. Whatever it takes, kill the humdrum and let the sunshine in.
Placing every piece of information into the hands of every employee certainly is not a good idea. Some conversations and decisions are best kept behind closed doors until the details are ironed out. In fact, there may be legal ramifications associated with discussing deals too soon, before they are finalised.
An open-door policy should work both ways. Let your employees in on changes and advancements as soon as possible. Do not make your entry-level staff members feel like they are the last to learn about the way things are moving forward or about company accomplishments. Make an effort to inform those on the ground floor of the news coming from the boardroom as soon as you can.
One of the most discouraging challenges employees face is to start a job, train hard and then work harder, learn the systems and procedures, and then watch as someone else is hired to take on the position they have been striving for all along.
Sometimes it is necessary to go outside your doors to find the appropriate talent, but this is the case less often than you may think. Those who have been with the company for some time may lack a specific skill, but they also have a loyalty and an understanding of your company culture that a newcomer won’t. Giving your seasoned associates the chance to move up will not only spur them on to greater heights within the company, it will also foster motivation among other employees to work hard and continue to develop as professionals.
Having a great work environment doesn’t have to mean breaking the bank to provide perks like Google’s or Virgin’s. Avoiding the seven blunders above will do wonders for improving office morale and increasing employee retention–especially among the top performers you should prioritise keeping on your team.
See also: Keeping The Most Valuable Asset, Your Best Employee