7 Ways to Retain Key Employees - TaxAct BizAdvance

Every company deals with some level of turnover, but that doesn’t mean you should be okay with the idea of key employees jumping ship.

You can protect against this in the future by answering this one very important question: what have you done in the past to chase employees away?

Here are seven ways to retain key employees:

1. More Competitive Pay

If you want to keep employees happy, one of the best things you can do is offer a competitive pay rate.

When you pay as much or more than the competition, you give employees less of a reason to seek a new position.

2. Job Security

This isn’t something you can guarantee, but it’s important to provide a stable work environment. Nobody wants to stick around if they always feel that their job is next to be chopped.

3. More Responsibility

Even if you are unable to offer more pay, some people are excited by the opportunity to take on more responsibility. And here is why: it gives them real world experience, which can help them advance their career in the future.

4. More Comprehensive Benefits Package

Competitive pay is important, but the same holds true in regards to benefits. What type of health insurance plan do you provide your employees? How about retirement benefits? What about unique perks, such as free lunch and a gym membership?

The more benefits you provide the happier your employees will be. There is nothing complicated about this.

5. Advanced Technology

More so today than ever before, employees are interested in top notch, high quality technology.

Not only does this excite employees, but it also helps them work at peak efficiency. This is a true win-win for the employee and employer.

6. Promotion Potential

Employees are more likely to work hard, day in and day out, when they know it could pay off in the long run.

Promoting from within increases retention rate, keeps employees engaged, and allows the company to save time on the cost of conducting a widespread talent search.

7. More Recognition and Rewards

When somebody works hard, day after day, but is never rewarded in the end, they may begin to feel unwanted.

Some of the many benefits of employee recognition include:

  • Increased retention.
  • Increased productivity.
  • Relationship building between employees and supervisors.

Recognizing an employee for a job well done can be as simple as sending a brief email or stopping by a person’s office to praise him or her in person.

Final tip: don’t be afraid to ask employees why they are leaving the company. By receiving honest feedback each time this happens, you will better understand what needs to change in order to avoid the same in the future.

There is no way to avoid employee turnover, but there are steps you can take to retain key workers. By following the seven points of advice above, it won’t be long before you notice a positive change.