EMPLOYEE RETENTION STRATEGIES FOR ENTREPRENEURS by Andres Manuel Olivares Miranda
RETENTION Retaining employees for a business can prove to be a challenging venture in any situation. Any successful company is built off the backs of competent employees who share a common goal and work hard to attain those goals. You have the most responsibility as the entrepreneur to not only hire some of the top employees you could hire, but making sure they align with your vision. While some prospective entrepreneurs may feel that retaining employees can be challenging, it does not have to be. Follow these employee retention strategies today, and you will see top people on your staff stay for the long haul.Â
LOYALTY The strongest bond between an employee and the entrepreneur is the sense of loyalty and trust. This is an essential component of any business relationship that must be formed at the start. Loyalty can be shown by making sure that you support their work. While you obviously must place the success of the company as your highest priority, you do not want to keep telling your employees that what they are doing is for the greater good. You want to individualize the relationship and make sure they feel valued at the workplace. If someone works in an area where they think that their hard work isn’t being overlooked, that will be all the more reason for them to stay. Compensation for loyalty also goes a long way as well.Â
COMMUNICATION In retaining employees, there also must be a clear line of communication that is made readily available to all that you hire. Understand the significance of this, because barriers to communicating can lead to a fractured relationship. Issues with communicating signals that you may not care and are in it for yourself. Take the insight of your employees seriously, and do not be afraid of constructive criticism. That is why it is called “constructive.”
PERFORMANC E METRICS You must also realize that many employees like seeing where their performance level is at because it can prompt them to do better and improve in areas where they fall short. If they are excelling, you can positively reinforce that to them. Not only can this help foster a highly productive workplace, but this can help retain employees on a long-term basis.