Three Things You Can Do To Ensure Your Key Employees Never Leave
If you're like most business owners, you've seen the headlines: Interest rates are going up, and exchange rates are volatile. The question being asked right now is, ‘where do I invest my money?’.
I was chatting to a client the other day, and while they made record profits last year, they were nervous to invest. The natural instinct for many is to stockpile and make cuts in every direction, but what separates the greatest business minds from their competitors, is recognising opportunity within the chaos, and taking advantage of it.
Here's what you should know:
A new study of 1,800 Australian workers found that 38% are looking at leaving their current employer in the next 12 months. Employees are leaving at record rates and often heading to your competitors because competitors are offering more money, better benefits, and greater flexibility.
The question is not where to put your money but rather who you should be investing in. The top priority needs to be your employees, invest in them and the value your team possesses and your business will be sure to withstand the tougher economic circumstances.
If you’re not investing in your people, you’re not investing in your business.
The only thing that ensures the long-term profitability of your business, especially in a volatile market, is having the right key people in the right positions and working at their optimum capacity; freeing you up to do what you do best.
Here are three ways to make sure that your investments pay off in the long term by investing in your people:
1. Leadership Development
Providing growth and leadership opportunities amongst your employees through upskilling and flexibility (e.g. allowing employees to study) secures the longevity and progression of your business, while ensuring the wellbeing and future of your team.
Focus on leadership development — the future of your business is in their hands.
2. Team Performance
Intentional encouragement, setting clear goals, and empowering your teams for success are necessary if you want to cultivate an environment and culture that facilitates measurable performance outcomes and effectiveness for the whole team.
Build high-performing teams — people love working with other people who are just as talented as they are.
3. Benefits!
It's a bold call, but it's one you need to make: if you want to keep your best employees, you should consider offering perks that complement their lifestyle. If you don't, I can guarantee they will find another company that will.
Benefits don't have to mean big salary increases — you can offer free gym memberships or free coffee instead.
Investing in your people should never feel like an added cost; it's actually an investment in your future. And if you take these simple steps to invest in your employees, you'll find it doesn’t take as much money as you think it will. You're also more likely to capitalize on the true worth of every employee in your company.
If you want a strategy to build a team that couldn’t bear the thought of leaving?