Keeping Your Best People

Screen Shot 2014-09-26 at 1.19.04 PMConsider this: The average raise for an employee is 3 percent. BUT employees who leave one company for another can look forward to a 10-20 percent increase in salary.

We’ve created a system that punishes loyalty and rewards turnover. And while the exact impact of the loss of a key employee varies from business to business, there is little debate that losing a top performer has a dramatic impact on a small or mid-sized business.

So how do you keep your best people? You ask them the right questions.

How Do You Want to Be Rewarded?
Not every employee seeks a monetary reward for their hard work. They could want more time off, work-from-home privileges, weekly team recognition meetings, etc. But to keep your best people, as well as those with the potential to become valuable team-members, it’s important to know the things that motivate them.

How Do You Work Best?
It may be the privilege of coming to work at 10, the permission to use headphones, more group-think time or the freedom to work remotely on mentally taxing projects. Whatever the case, it’s important you understand how to get their best work … and equally important for your people to know you care about optimizing their work environment so they can do their best work.

What Don’t You Like About My Management Style?
It can be intimidating to let employees tell you what they don’t like about you. But the longer they resent your management style, the less productive they are and the closer they’ll come to resigning for good.

What Can I Do to Make Your Job Easier?
This question is more of a catch-all for anything left unsaid. It demonstrates your concern, but it’s one more opportunity to see the world from their perspective. From time to time, you’ll uncover the simplest of solutions that can make a significant impact on an employee’s performance and job satisfaction.

These four questions won’t guarantee a key person will never jump ship. But if you work hard at understanding individual pressure points and motivations, you’ll build employee relationships on a deeper foundation of open communication and trust.

Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.