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Businesses that have great employees thrive in the marketplace. Most bosses know that losing a star employee has adverse effects on productivity and profits as well as on company culture. If you’re concerned about keeping your best employees, keep the following tips in mind.
It isn’t easy to advance your company’s goals without qualified employees. When you have the right talent on your team, your company can bid for competitive contracts, meet sales goals and create innovative products and services. If you don’t have enough qualified employees, then either the job doesn’t get done or it falls on people who are already overworked. It also happens that some companies have employees who shouldn’t be there in the first place. Employees with substance abuse issues, in particular, cost you a great deal. DUI conviction can result in lost employment opportunities as you don’t want to hire someone who can be a potential liability for your company.
Career advancement is important to most employees. If you have a particularly talented employee who isn’t moving up, you run the risk of losing that employee. Many company managers are afraid to move an employee up. They may fear that a particular department won’t do well without that employee, or they fear that they’ll train and promote that employee, only to see them leave. However, not giving your best employees the chance to move up will almost certainly guarantee that they’ll leave.
It’s understandable why managers depend on good employees so much. They know that good employees will always get the job done. Here’s the thing, though. Many managers overuse their good employees, causing them to burn out. Basically, these employees get punished, albeit unintentionally, for being good at their jobs. If this sort of thing happens too often, especially if the employees aren’t regularly rewarded for their work, then those employees will leave. If you’ve been guilty of this, do something to remedy it or lose your best employees.
While it’s impossible to prevent a loss of employees completely, you can do something about a high turnover rate. When you hire the best employees and reward the good ones you have, you’re more likely to keep good employees. It’s also important for your employees to know that you’re not going to punish them for being good employees by dumping too much work on them. Reward them well and see how long they stay as a result.
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