This is a question that many business owners and managers often ask. It is because having good employees and retaining them are important to running a successful business. There are no easy ways to do it, so we sought the help of some members of EO Melbourne on their experiences and best practices that may also be helpful to other entrepreneurs.
Meirav Ambar, Partner at Trendtrade International, Malcolm Bean, Director at Beanmkrgy Pty Ltd., Rahul Kale, Director at Sunpower Renewables, Aaron Smith, Founder of KX Pilates, and Lauren Staley, Managing Director of Infolio Property Advisors shared some of the things they do on how to keep good employees within their team.
Build a healthy work environment
Looking after the well-being of your team members help in employee retention. For Lauren Staley, what she did is that “I created an office ‘Zen Den’ this is where staff can ‘zen out’, meditate, relax, etc. We also hold nutrition workshops for staff in this space, as well as yoga and mindfulness sessions. We have a masseuse come to the office once a month.” Apart from that they also provide clear feedback on staff performance and quality of work, regular training, and leadership paths.
Create a good corporate culture and path for growth
Culture is paramount in every organisation and it plays a significant role in the longevity of a business. It shapes the work landscape and the dynamics among team members. Aaron Smith shared that it is helpful to “create an amazing culture in an amazing environment through vulnerable and courageous leadership and be flexible with and care for each individual's circumstances. As the owner, it is your job to create a pathway for your employees to develop and grow. Give them ownership whilst providing accountability. And most importantly, have FUN! If people LOVE working for you and your company you'll retain them for the long run.”
Value your good employees
Employees tend to stay longer in an organisation where they feel they are being valued. Rahul Kale stressed the importance of this. “First, you must respect your employees and understand the value they bring to your organization. If you judge a fish on its ability to climb a mountain it will always disappoint you. You must value the individual’s skill set that they bring to the table and empower them to function at their optimal level.”
He added, “I like to ensure that the worthy employees are compensated well, both in terms of monetary benefits and job satisfaction, and give them their space to work. By worthy, I mean those who take on responsibility and like to see things through. Our process starts right from the interview stage where we try and understand the employees’ strengths and weaknesses and then give them the required support, training, and opportunities to excel in their role. Investing in our employees to upskill, train and motivate them is another great employee retention strategy as it works well for both – the employee and the organisation.”
“The company’s culture and policies play an important role in defining the working parameters for your team – once defined, it is important to empower and allow someone the space to do what they do best. I am not a big micromanager and prefer employees who take on the responsibility and accountability to go above and beyond. Understanding each employee’s learning curve and giving them the time to settle in truly do wonders for their self-development and overall team morale,” he iterated. Rahul also quoted Sam Walton wherein, “Outstanding leaders go out of the way to boost the self-esteem of their personnel. If people believe in themselves, it's amazing what they can accomplish.”
Put clear action plans and customise strategies for different employees
Meirav Ambar also discussed some of the strategies she does within her business in keeping good employees. “I do a few things, and of course adapt the strategy according to the specific employee:
1.) The people we work with are the people we play most time with. While we manage a highly professionally driven environment, we also have a lot of fun.
2.) Every employee has clear KPIs and a clear action plan which we regularly review. Clear KPIs are important for our sense of accomplishment and value.
3.) Most importantly, I trust them. I truly believe that micromanagement is the worst form of management and is the main reason ambitious employees leave their place of work.”
Maintain a strong relationship with your employees
On the other hand, what Malcolm Bean usually does is that he "strives to have independent direct relationships with my team members, especially with the A-players, and work on these weekly. Each person is different, and a deep relationship results in a customised or independent career and life plan. Often, people don't leave the job, they leave you because there wasn't true mutual understanding and connection.”
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How about you? What do you do to retain your good employees? Share with us your tips through the comments section below.