Every business owner knows a revolving door of staff can be very costly. Thats why its important to spend some time focusing on whats really motivating your employees. In this article, Bonnie Low-Kramen, the longtime executive assistant to actress Olympia Dukakis and author of Be the Ultimate Assistant: A Celebrity Assistants Secrets to Working with Any High-Powered Employer, provides eight tips for retaining staff and increasing profits:
Respect. The thing your staff wants most of all is respect. And respect comes in many forms. One way to show that your employees are valuable is to ask them powerful questions such as, What do you think about this? and really listen to the answer. Another way is to regularly use the words please and thank you.
Appreciation. Your staff needs regular feedback. In meetings, its a great idea to say, Harry, you did a great job on that project, and heres why.
Fair compensation. Money and benefits shouldnt be the main motivators for your staff, but of course theyre important. And thats why your employees need to know that they are receiving a competitive compensation package. You should discuss it from time to time most likely on a yearly basis.
A sense of value in the company. Employees who are loyal are clear about their role in the company and believe that they are filling a vital need.
Professional development opportunities. Investing in training is one of the best things you can do to encourage employee retention. Doing this sends the message that you believe in your staff and theres nothing more powerful.
Clear expectations. Your employees know that over time your companys needs will change. What workers need is open and clear communication about these changes and whats expected of them.
Fair treatment. Staff is keenly aware when there are rules that are applied to some but not to all. Everyone knows life isnt fair, and it is your company. But even so, transparency and fair treatment are the best way to retain staff.
Zero-tolerance policy on bullying. A sure-fire way to chase away employees is to tolerate bullying behaviors such as yelling and leading by fear and intimidation. A zero-tolerance policy is the way to keep your staff.