How to Retain Good Employees

These days, one of the hottest commodities in business is a skilled staff. Employee retention is key to continued success for any company, regardless of size.

Difficulty: Moderately challenging

Instructions

Things You'll Need:

• Flower Bouquets
• Gift Certificates
• Music Gift Certificates

1. Determine what motivates your individual employees. For most employees, money is not the key issue; relationships, fulfillment and recognition are.

2. Notice how much recognition an employee needs. Some employees can go years without praise, whereas others will leave after six months.

3. Understand that many employees are motivated by their social network at work. Encourage activities that make your employees feel like valued members of a team.

4. Realize that incentives don't have to be huge. A surprise gift certificate for the local ice cream parlor in the weekly paycheck will generate positive feelings.

5. Make benefits more accessible. If your company reimburses tuition for college courses, have a college administrator come to your company so employees can find out about classes and programs.

6. Consider telecommuting, job sharing and other flexible working arrangements.

7. Offer profit sharing incentives to encourage longevity.

8. Create clear career paths at the company.

Tips & Warnings

• Have other managers praise an employee's work. This lets him know that you've spread the good word about him to other departments.
• Be sensitive to the balance between work and private life. Employees can work 70-hour weeks for only so long.

[lucyyy]

on 5/5/2009 Keep in mind that employees of different generations might be motivated differently and even define success differently. A Millennial will typically want more immediate feedback and generally think they're ready to lead right now. Boomers still like the money and title. Gen X employees are often caught in between, managing Millennials to get their Boomer bosses' projects done.