How do successful companies retain talent?

Steve Jobs is quoted as saying, “If you want to hire great people and have them stay working for you, you have to be run by ideas, not hierarchy. The best ideas have to win, otherwise, good people don’t stay.”

Losing key people within your business due to greener pastures can have a devastating effect on your business. Unfortunately, sometimes owners and managers fail to see employees as intellectual capital and an integral part of business success.

There is an enormous benefit in maintaining an experienced and engaged workforce. As such, a long-term employee retention strategy should be at the heart of every business. Here are a few things you can do to ensure your employees stick with you.

Share responsibility

Sharing responsibility demonstrates that you trust your employees. Responsibility also encourages people to develop new skills and grow business acumen.

Show respect

Employees need to know they are respected and appreciated. People may forget the things you said but will always remember how you made them feel.

Revenue share

This is a lot more common in Europe than Australia, but people will inevitably work harder and stay longer if their personal success is tied to the company’s.

Reward

Reward should go beyond monetary compensation. You also need to speak to people’s emotional and personal needs.

Be flexible

It’s now common that both parents work, so work flexibility is more important than ever. Some companies even offer ‘family days’, where parents can take time off during the week.

Demonstrate corporate responsibility

For Gen Y and the upcoming Gen Z, being a good global citizen is more important than ever. These generations do not want to work for companies they cannot align with ideologically or morally.