Every company or startup has the star employee that they would do anything to keep. This person works hard, understands how the business is run, and is willing to go above and beyond to make things work. Making sure that this employee is happy and doesn’t want to leave is one of the most important things that you, as CEO or manager, can do. But how, in a world of interesting businesses where star employees can take their pick of perks, can you do that? It is really possible to keep the one employee that everyone else is dying to have?
Yes, thankfully, it is. But it will require a little extra work on your part and a good understanding of what makes your employee it.
Take time to get to know them – and then keep them happy
Employees no longer live to work – they have lives outside of your company and enjoy living them. Top-notch employees will appreciate your effort into understanding their goals, both personal and professional, and will appreciate even more if you are willing to help them reach their goals. No longer limited to classes that will benefit the company, helping your employee with personal development is a perk that a lot of companies will overlook. By making sure that you don’t ignore it, you’ll set yourself apart from your competitors.
Recognize their talent and express your appreciation
Good employees know that they’re good at what they do and that their work is vital to the success of the company. But just knowing it isn’t enough. People like to hear that they are being successful and that they’re appreciated. Just like with a significant other, if you don’t tell them how you feel chances are good they’ll find someone who will.
Extra perks to the pay package
A paycheck is a great thing and a bigger paycheck is even more wonderful, but allowing the employee a chance to buy into the company is a win-win for both of you. Not only does it give them a greater feeling of responsibility related to how the company is performing, but it gives you a break as well. Knowing that your employees are focused on the performance of the company, not just on their paycheck, will help you sleep better at night. Passionate people will work hard.
By the time you’ve noticed that your star employee is interviewing elsewhere it’s often too late to offer a raise. It’s worth paying more money for the employees you really want to keep and the best way to do that is to pay them as much as you can as soon as you can. Star employees are aware of their worth and are being told by outside people all the time how amazing they are. Make sure that their compensation matches their importance.
Even with these tips every business has the chance of losing a star employee. People get disgruntled or the grass is greener elsewhere and they leave. But by keeping open communication and implementing these tips, the attrition of your star employees should drop to the minimum.