Seven ways to retain great employees

Your employees are your most valuable asset

Say the word “asset” and many people think of equipment, vehicles, or real estate. But as a business leader, you know firsthand that people are your greatest asset. From a helpful customer service representative to a top salesperson, great employees build your company’s reputation and increase revenue. Once you’ve identified excellent talent, take these steps to retain such valuable assets:

Be consistent & straightforward

Even the best employees can’t succeed without a clear understanding of success and failure. Make sure each employee has a detailed job description and specific goals, including incentives for achieving success. If they begin to fall short, develop clear strategies for improvement.

When things change, be straightforward with your team. Communicate new responsibilities, circumstances, or expectations clearly and quickly. Don’t leave your team guessing based on incomplete information or rumors.

Incentivize excellence

Beyond your benefits package, consider what motivates your employees. Survey your team at regular intervals (yearly or every few years) to find out what they want – anything from companywide recognition to an extra day of PTO to a cup of coffee can be a meaningful incentive for excellent work. Give recognition frequently to remind employees that their contributions are seen and valued.

Provide opportunities to grow

Determine paths for growth and development for your team beyond a traditional career ladder. Employees should be given opportunities to learn new skills, lead a small team, or take on a special project to build their resume and support long-term career goals.

Positive challenges increase employee engagement and allow high performers to grow and continue contributing to your company’s success.

Ask – and really listen

Seek feedback from your employees. Just like market and competitor research, this information can improve your decision making. Set up a low-pressure way to gather feedback, and designate personnel to receive feedback when employees don’t want to share their thoughts directly with their supervisor. Some feedback may seem minor, like an office inconvenience, but small changes to the day-to-day experience can be major for retaining a high performing employee.

Convey passion

Along with honesty and career development opportunities, employees want to feel engaged at work. Convey your passion for your company’s potential, your work, and how each team member can meaningfully contribute to this potential.

“Meaningful” is different for everyone, so use feedback and your knowledge of individual employees to identify the best ways to share your passion and encourage engagement. This may include formal and informal social and team-building activities, like company-supported volunteering or a 30-minute coffee chat each month to connect and unwind.¹

Train and equip your team

Insufficient resources can lead to frustration and disengagement. Make sure staff have adequate equipment, tools, and training to fulfill their job duties. If resources are temporarily unavailable or if a permanent workaround is needed, work with employees and their managers to problem solve, including adjusting expectations or duties if necessary.

Develop your managers

Leadership is a top cause of employee turnover.² Work with your managers to coach employees and provide constructive feedback, both through explicit training and by modeling this behavior with your own direct reports. If you don’t feel equipped to provide leadership development, work with a leadership trainer or consultant. Investing in managers directly benefits employee retention.

Retaining great employees begins with investing in a team where people can thrive. As you explore other tools for investing in your business, reach out to your banking specialist for solutions tailored to your needs.