Retain your top employees

Keeping your employees - especially your top performers is critical for your business success. Smart companies develop Employee Retention Plan to improve their current Employee Retention Rate and develop high performance organizations. Companies can improve in many ways but it is critical for the companies to understand that having an employee Retention Plan in place is an important project. Whether you manage a small business or global corporation the same rules apply. Those companies who have the most talented and experienced workforce will deliver above average business results - it is that simple. How do you develop your Employee Retention Plan? First of all you need to identify the most important drivers for Morale, Loyalty and Satisfaction. Employee Retention Rate depends on many factors such as overall company environment, company policies, company culture, work environment, employee development, etc. Creating High Retention Workforce is the number one priority of a successful Retention Plan.ppp loan 

Understand what motivates your people and create work environment which will motivate top performers. Improve morale through effective rewards and recognition system and develop relevant rewards for your workforce. Stressful workplace is a high risk for morale and satisfaction. Financial rewards are only one part of your Retention Plan but keep in mind that financial reward is not enough to improve your Employee Retention Rate - even high paying people are not happy if they work in stressful work environment. Surveys or Employee Satisfaction Surveys are very good tools for helping you understand your employees and what drives your Retention. Employee Surveys are used for measuring employee satisfaction and identify important issues for your employees. For example, Employee Surveys can identify that developing career path for your employees is one of the most important motivators for your employee retention.

Achievements and recognitions are also important for employee satisfaction because everyone likes to see the results of their work and see in what ways they contribute to your organization. Rewards and recognition systems are also important for your Retention Plan. Understanding your employees' concerns, skills, goals and interests must be considered. In-house and on the job training is generally a good motivator because training helps your employees improve their skills and create better business results. Employee Retention Plan should be customized to your business and employees - what works for one company can be a waste of time for another so it is critical for you to develop a good understanding for your employees needs. Use employee surveys to understand what really works for employees.