How To Retain Your Best People

29/09/2011

By Guy Rigby, Director & Head of Entrepreneurs, Smith & Williamson

If you think finding the right people is demanding, then holding on to them can be even more challenging. Keeping your good people is essential — it reduces the disruption and costs associated with staff turnover and provides the foundations on which to build your future business.

It’s the actions and attitudes of your people that will really make a difference to your success. When people feel valued and secure, they’re more creative and innovative, so you should do everything you can to create and maintain this happy state. It will...

...add value to your business — for employees, customers and shareholders alike.

Creating a ‘total reward’ strategy which is aligned with your business culture, vision and strategy should therefore be seen as an investment, rather than an expense. You can unlock and develop potential by having an energising environment that fosters teamwork and learning, while encouraging ideas and innovation. You will motivate people if you give them the right incentives and understand what makes them tick.

Creating the right environment

The workplace environment needs to be enjoyable and energised — a mixture of challenge and fun; not a place where people sit slumped at their desks, bored or frustrated, but a place where people can be inspired and valued and, crucially, can express their views on the business and get a fair hearing.

Some businesses achieve a pleasant atmosphere with design, others by creating workplace activities or celebrations. While upbeat surroundings and activities encourage creativity, productivity and loyalty, having a laugh can also encourage staff retention. Simple ideas such as closing early on a Friday or going to the pub now and again can be a real morale booster. And don’t forget to celebrate successes.

It’s a team game

Successful entrepreneurs are open... continued on page two >

 

 

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