In today’s competitive world, the key to a successful business lies in retaining its key employees. Employees are the lifeblood of your business: they do the work that keeps your business going.
Who are your key employees? These are the people who possess skill sets, experience and know-how that make them difficult to replace. The loss of a key employee can lead to loss of revenue as well as contacts and clients. Finding an ideal replacement may be troublesome, time-consuming and can result in further losses.
Key employee retention is critical to the long-term health and success of your business. Retaining your best employees ensures customer satisfaction and effective succession planning. As a business owner, you first need to understand that a motivated employee is more likely to make significant contributions to your company.
Reasons why employees quit
A study has found that the primary reasons why people quit their jobs have little or nothing to do with the pay. Instead, what most often motivates them to leave is the chance to grow and put their skills and abilities to better use elsewhere.
Yes, other companies may be able to offer better wages and more opportunities; but that is not what you, as a business owner, should be concerned about. Many researchers cite one of the biggest reasons to leave a job is not just the remuneration; many a time employees are looking at the bigger picture and they want to feel like they are a critical part in making a difference. They endeavour to work in a collaborative environment and be acknowledged for their strengths, abilities and performance.
Here are a few common reasons why employees quit; you may be surprised but it is not just about the pay check!
- Bored and unchallenged by the work itself
- Lack of opportunities to use skills and abilities
- Disconnected and unable to contribute to business goals
- Worry over organisation’s financial stability
- Unable to assimilate into company’s corporate culture
- Management’s recognition of job performance (not monetary)
- Better opportunities to perform and excel in a competitor’s firm
How to keep your people
First of all, you have to identify your key employees – regardless of their rank or designation, they are the ones that play an important role in your business’s future.
Work with your management team to identify the needs, interests and aspirations of your core members. Consider offering them incentives that match with their goals and needs. Think beyond the financial sense; the incentives you offer should be compatible and suited to their specific requests. Examples of such benefits/incentives are:
- Leave entitlements that help them manage personal demands
- Flexible working arrangements for staff with family commitments
- Promotion/career opportunities in their preferred fields
- Business travel opportunities
- Training and development opportunities
Acknowledging and taking appropriate measures to meet your employees’ needs will demonstrate your commitment in retaining them.
If you want your most valuable assets (your people) to stick with you, then give them your most precious assets (your time and attention). Communication is key – talk to them, find out what they want and do your best to give it to them. Take care of your employees as you would your customers – in turn they will take better care of your customers!
Join us at the Business Protection Seminar for an enriching evening led by our Principal Consultant Mr Stephen Chew, where you will learn about the four main components of protecting your business, assets and human talents.
Business Protection Seminar
Date: 6 September 2016, Tuesday
Venue: The China Club
168 Robinson Rd, #52-01 Capital Tower, Singapore 068912
UPDATE: Changed of Venue. Please refer to the email confirmation that we have sent to you for the new venue details.
Time: 6:30pm – 8:15pm
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