The greatest asset for any business is its people. Increasingly, good people are getting harder to find. In the past an employee would typically have just three jobs in a lifetime however this era is long gone and now if an employee stays with you for three years you are doing well. Therefore, if you have a good employee you need to work hard to keep them. Yes, that’s right, I am saying the employer needs to work hard to keep good people. If asked “how do you keep your good people”, most employers usually say, “I offer them more money”. This may have worked in the past and may, in some instances work now, however keep in mind what an old business acquaintance of mine told me. “An employee who is focused on the money is only there until someone else offers more”. In recruitment activity today we are seeing a lot of employees being head hunted and offered more money to get them on board.
So how does an employer keep an employee, if not by offering them money?
The first step is to sit down and have a conversation with the employee about what is important to them. It might not be money, it might be fringe benefits such as the use of a car, phone or laptop? Fringe benefits do add an additional cost for the business so be sure to have a conversation with your accountant regarding Fringe Benefits Tax.
Other attractive options for some employees might be flexible working hours or the ability to work from home. Allowing an employee to “design” their working life around, say, their family commitments may be just the thing to stop them from leaving.
Whether you have 3 staff or 300, look to see who the people are you would like to keep. It is too late to find out at their exit interview (and yes you should be doing exit interviews) they would have stayed if they could have worked more on a Monday and had every second Tuesday off.
Unsure on the process of how to keep good staff and or how to move those on who do not cut the mustard. Give Assurance HR Management a call on 1800 577 515 and let us help you.