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Employees and collaborators are the backbone of any good business. Nothing can be more damaging to a business than losing key talent. Especially when this becomes part of a pattern that repeats. Some businesses with a lot of potential have failed because they could not retain their key people. The recruitment process is expensive and difficult. If you get good at retaining the right people, you’ll have to spend less time finding them. How can you achieve this?
Getting the right person for the right job is the first step. If you’re not hiring the right people, retention is hard. People who are in the wrong job don’t tend to stay long. Often the normal methods of retention are ineffective because the person is not suited to the job. Hire people with the right skills and the right attitude. Make sure they fit into your company culture. Make sure they have a passion and a drive for what you do.
Benefits may retain employees in the short term, but no matter the package, most employees will jump ship if they see no future. We’re not saying to cut out those health benefits or pension packages. But don’t rely on that to drive retention. Make sure your employees see a clear line of progression in their future. Make sure they know that they have a career, not a job. They need to see opportunity, training, and growth to stick around.
Communication between management and staff should be a two-way street. Many CEOs and entrepreneurs feel comfortable pushing information down the street, but don’t want to take anything in. Open a channel of communication with your people, and let them know you value their voice. When staff feel like you value their thoughts and opinions, they are more likely to feel invested in your goals.