how to retain star employees?

Discussion in 'Growing and Managing a Business' started by asnetworksltd, Jan 25, 2010.

  1. asnetworksltd

    asnetworksltd
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    As a business owner, at some point you will likely be confronted with the question of how to keep your star performers. It may be your top salesperson or a manager who understands your clients and business processes inside and out. Can you manage the risk if he or she jumps ship?

    One proactive way of handling the flight risk is to set up a system of "golden handcuffs." While not literally a lock and key, these are financial incentives with a vesting period of five to 10 years or more. Examples include stock options, putting money away in an annuity, or lump-sum bonus payments the key employee would lose if he or she leaves the company before the vesting period is up. These types of plans are much less likely to fuel resentment than negative restrictions, such as a noncompete agreement.

    A noncompete agreement, however, can be a useful tool as well, especially in sales or high-tech positions. These handcuffs are not golden for the employee. Noncompetes restrict the employee's ability to work for competing companies in similar industries. It is important that you consult an attorney when putting together a noncompete, since the courts will not enforce the agreement unless it is reasonable in terms of time limit and geographic scope. For example, a three-year duration would probably be upheld, but 20 years may be considered too long. Similarly, a nationwide limit may be too broad, but a 50-mile radius from the employee's current office may be acceptable. Courts also tend to look favorably at noncompete clauses that prevent a former employee from soliciting a company's clients.
     
  2. kittelsoncarpo

    kittelsoncarpo
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    An employee is loyal if he or she is given enough benefits and also incentives. Good salary and so on. We can retain their loyalty if we are good motivator to that employee.
     
  3. aprillove

    aprillove
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    We can retain the loyalty of an employee by giving them good salary and enough benefits.
     
  4. Fergal

    Fergal
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    Good working conditions, opportunities for career advancement, recognition of performance and a happy work environment can be even more important than pay and benefits, when it comes to maintaining staff.
     
  5. ASAmoto

    ASAmoto
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    Understanding why star employees leave is the initial step in creating a strategy for retaining them.
     
  6. wussa

    wussa
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    Give them no reason to leave :)
     
  7. Fergal

    Fergal
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    Exit interviews can work very well here. This is when you schedule a meeting with the employee just before they leave your business. Talk to them about why they are leaving and get as much detail as possible. As the employee is leaving the business and won't be working there any more, they will generally be very open and honest, hence providing good feedback to the employer.
     
  8. chinaoilpainting

    chinaoilpainting
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    Deal quickly with employees with negative attitudes, even if their work is fine.
     
  9. DEADMAN

    DEADMAN
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    Sometimes, you need to hear up what they're might be saying. They might have something issue with the salary or the bonus they want.

    It's always good to keep your business employee paid on time, and advised them to be satisfied or okay with the salary before they join up your business.
     
  10. anatomymodel

    anatomymodel
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    1. Praise for good work.
    2. Challenging projects and assignments.
    3.Development opportunities.
    4.Non-monetary perks.
    5.Manage Anxieties and Frustration.
    6.Over-Communicate.
    7.Culture Matters More than Ever.
    Find out what benefits matter most to your employees
    Communicate more than you think you need to
    Be realistic about people's anxieties and frustrations
     
  11. Johan King

    Johan King
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    If your company is dependant on her expertise, then you probably won't be able to survive without her. I advise that you make every attempt to appease her, giving in to her every demand if you must. It's doubtful that you'll ever be able to replace such a valuable employee.
     
  12. bistones

    bistones
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    Salary is not the only factor for them, so if your company is not excellent enough to meet their needs, then let him go.
     

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