Keeping your best employees is the key aspect of your company’s growth and productivity. After all, they are effective and efficient with the work that they do. Moreover, they can also affect the engagement levels of their coworkers.
The overall performance of your organization can be determined by the quality of your workforce. To name a few, two of the driving factors that set workforce quality is engagement level and leadership.
The best employees are valuable because more than the quality of work that they produce, they are also leaders or if not, role-models that help motivate others to deliver excellent results.
According to Benefits Bridge, successful employees are ambitious, honest, have great emotional intelligence, strong work ethics and they also have good organizational and leadership skills.
Having exemplary workers is one thing but how do you keep these remarkable people in your organization? It might surprise you that it may not be as difficult as you thought. Here are 4 tips to keeping your best employees.
Hire the Right People
According to TalentLyft, keeping your best employees begin with acquiring the right people for the right job. This is to ensure that candidates hired have the talent and personality to fit in with the culture of your company.
Bad hires or getting toxic workers are detrimental to your organization and they can also affect the morale of your best employees. According to a study conducted by CornerStone, “good employees are 50 percent more likely to quit when they work with a toxic employee, if the proportion of toxic employees on their team grows by as little as one on a team of 20.”
The same study also suggested that toxic employees have a negative effect on the productivity of their coworkers. It also suggested that the stress and burnout from toxic employees have a stronger influence than work tasks.
Remember, no hire is better than a bad hire.
Micromanaging your best employees does a negative effect on their productivity and morale. Here’s to show you the detrimental effects of micromanaging employees.
The statistics are from a survey conducted by Trinity Solutions and Harry Chambers, author of the book “My Way or the Highway: The Micromanagement Survival Guide”.
- 79% of respondents experienced micromanagement.
- 69% stated that they considered changing their jobs because of being micromanaged.
- 36% changed their jobs.
- 71% mentioned that being micromanaged interfered with their work.
- 85% said that being micromanaged had a negative impact on their morale.
Here are the consequences of micromanagement according to Kathleen Rao, author of “How to Survive and Thrive in a Difficult Work Environment Under the Control of a Bad Boss”:
- Health problems
- Job insecurity and economic problems
- Emotional strain
- Fatigue from working too much
- Lack of appreciation
- Lack of confidence
Even if you mean well, micromanaging your employees can make them feel like you don’t trust them. Manage with trust.
Here’s a quote from Steve Jobs, “it doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.”
Offer Good Employee Benefits
In terms of good employee benefits, what comes into your head when you hear the words “Google”, “Facebook” or “Netflix”? If you have done some researching about their employee benefits, you’ve probably imagined their impeccable offices, free access to gyms and swimming pools, free food and more.
You can only imagine how their employees think of their work. Top companies don’t just value their best employees but their entire workforce. As what Richard Branson said, “clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.”
We’re not saying you have to spend a fortune for employee benefits. In fact, you can offer something as simple as being able to work a few days per week from home. The American Express employee benefits have this perk along with casual dressing, paid holidays and more.
The American Express is number 72 on the Fortune 500. Another good example is the Alliant Employee Benefits. Alliant provides childcare, mobile phone discounts, legal assistance, flexible working hours, maternity and paternity leave along others.
Having good employee benefits help boost the loyalty and morale of your employees.
Appreciate and Recognize their Efforts
According to a research by Gallup, the main reason why employees leave their job is because of the lack of recognition. Here’s a more terrifying finding from the same research, the more talented the employees are, the faster they leave.
An analysis from Gallup also showed that workers who don’t feel recognized are two times more likely to quit in a year. From the 2019 employee engagement report of Tiny Pulse, it was shown that just one in three employees felt they were recognized the last time they went the extra mile doing their work.
Give not just the best employees but all your workers the recognition for the excellent work that they do. Here are the benefits of recognizing the efforts of your employees according to Entrepreneur:
- Lower employee turnover
- Increases the happiness of employees
- Boosts employee engagement
- Improves trust
Recognizing your employees also improves their individual productivity. Being appreciated makes them enjoy their work more and it also gives them a feeling of satisfaction.
Another study from Officevibe also showed that 82% of employees preferred words of affirmation than receiving gifts. Appreciated employees can become more engaged and a highly engaged workforce according to Gallup, is 21% more profitable.
How often have you been giving praise to your employees? Keep the best employees by following the 4 steps we shared with you.
To end this article, here’s a quote from Simon Sinek, “when people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”