Employees are key to creating a strong work force for your business. For employees to safely make a long-term commitment to an organisation, the employer will need to give them good reason to stay.
Retaining key employees is one of the best competitive advantages your business can build. Make sure your employees are happy working in your company.
Here are a few tips that can help you retain your employees.
Provide them a good salary
You have to give them the right salary so that they don’t feel the urge to explore outside. You need to offer them a good package right from the start so that other offers will not make any difference to them.
Also, offer them small perks like flexible working hours and work-from-home options. This will promote a healthy work-life balance.
Take personal care
Personal connection is key to getting people to enjoy their work and stick around longer.
Bhilai based Zian Khan of Omega Financial feels that employees are an asset to advisors. “Ensure that you fulfil all their requirements as they are the pillars of your business. If they have some family emergency, give them leave and help them financially. Make a note of their birthdays and anniversaries and do a small celebration in office. These small gestures will help you make a personal connection and sustain their longevity in your business,” he says.
Work for their benefit
You have to find a growth path for your key employees. Before appointing a new employee, see if existing employees can fill up the new position. It is your job to understand, and facilitate, the career path of all your key employees. Tap into their passion and allow them to focus their time and energy on projects they enjoy.
Also, let them know what career development plans you may have for them and what opportunities are available for them to grow with the company.
Vishal Dhawan of Plan Ahead Wealth Advisors recommends advisors to let key employee take on a different role in the company. “Allow key employees to look at multiple aspects of the business. It will give them exposure to various projects and help them develop a new skillset, which can be crucial in their career growth,” he says.
“Give your employees meaningful work which they feel will make a difference in their lives,” he adds.
Treat them right
You need to treat key employees more like business partners. Give them the freedom to speak freely and generate ideas.
Suresh Sadagopan of Ladder 7 Financial Advisories believes that employees want to be treated nicely. “I give them more responsibility. In my view, when you give them more responsibility, they feel more worthy. However, make them responsible for jobs which they like doing and can help them learn. Also, ask them to monitor junior employees, let them take a decision in your absence; promote them if they do an exceptional job,” he says.
Conduct ‘stay’ interview
Consider asking your employees why they stay. Ask questions like ‘Why did you come to work here?’, ‘Why have you given so many years to this company?’ or, ‘What would you change or improve?’ Then use that information to strengthen your employee-retention strategies.
Recognise the good work
Give raise to employees who are achieving and exceeding your expectation. Also, reward employees for truly superior performance – take them out for dinner or give them a gift voucher. While feedback is important, people also need to feel appreciated in a tangible way. “Motivate top-performers by promoting and giving them new challenges. For instance, promote your paraplanner to a financial planner. This will boost his/her morale and also benefit your company,” says Lovaii Navlakhi of International Money Matters.
Have a transparent working environment
Hold meetings in which employees can ask questions. Have an open-door policy that encourages employees to speak frankly with you without fear of repercussion. Transform your organisation into an environment where people are comfortable providing feedback.
Suresh adds that employees spend 9-10 hours in the office daily. Create a friendly office environment so that they enjoy their work and feel happy. Also, do not lose your calm if they make mistakes. “Accept the fact that they will make mistakes; just remind them not to repeat the same mistakes,” says Suresh.
Vinod Jain of Jain Investments also feels that advisors should maintain transparency among their employees. “Have a policy that let your employees talk to you when they feel the need. Also, let them know about key changes that you are making in the office and ask for their feedback. Implement some of their good feedbacks,” he says.