On Keeping Your Employees Happy
Posted on: December 7, 2016
One thing I’ve found through the years is that I prefer to work with suppliers that manage to keep their employees. My relationship with a company, unless I’m working with the President/Owner, is actually a relationship with 1, 2 or 3 of their employees. When a key person leaves a lot of shared knowledge, not to mention warm feelings, leaves with them.
An article by Phillip Kemper on how to keep employees thus caught my eye.
“Employees are expensive. Yes, they’re expensive to hire, compensate and train. But they are the ones who drive your company — not just your product, your technology or the market. Smart managers know this. Further, many experts say that the true cost of replacing an employee is fully 50% of his annual salary. Today, I give you three simple things to do that will go a long way towards making sure that your employees stay right where you want them — with you!
Three Little Things That Can Add Up To Big Things
Right now I’d like to suggest that you “keep it simple” and do only three things with the goal of retaining your employees. As you move along, you may discover other things. But even if you do — right now stick to these three things. If you do, you’ll go a long way toward keeping those precious employee assets at your company. And here they are:
Have a Competitive Benefits Package
If your product or technology is state-of-the-art, but your benefits package hasn’t been updated in the past few years, you had best change that. If you think that your benefits package is a “gift” to your employees, rethink that. We get calls all the time from disgruntled employees looking to make a job change. Many times their meager benefits package is just what pushes them over the edge to start a job search. For example, three weeks’ vacation from the start of employment is now just about standard issue.
Read more here.