You will not find star performers for your business every time you hire. This means that losing the few that you have might end up being a serious blow and hurting the operations of your business.
Research has indicated that star performers do better than average employees to a tune of about 400%. The number almost doubles for complex jobs that come with a lot of interaction and information.
In addition, your star performers have the highest contribution to the success of your business. Losing one of them can reduce productivity and hurt your business. So, how do you reduce turnover and keep your star performers for longer?
Give out Employee Service Awards
Your star performers do everything they can to see your business do well. They spend a lot of time and effort handling tasks and everything else you throw at them. You need an employee service award program that allows you to offer heartfelt recognition to these employees.
There are many ways of doing this. To get started, you can come up with a service program that shows appreciation and recognition for the commitment your star performers have shown while working for you.
This can be done annually, maybe during the end-of-the-year party. Another option would be during each employee’s work anniversary, where you give them awards for years of service. This shows that you value their work and appreciate them. It can help you keep them for longer.
Offer Opportunities for Career Development
Apart from benefits, salaries, and respect, career development is also very important for employees. As a business owner, you must ensure that you have implemented initiatives that help your star performers continuously improve and learn new skills.
For instance, do your star performers handle the same kinds of tasks every day in your company? Do they get opportunities in the company to handle other tasks or even learn new things or explore new opportunities? Your star performers should never stop learning even at work.
You need to do this if you want to keep them for longer. This way, they will see that you care about them and want to see them succeed and grow their careers. Doing this will keep them working for you for a longer time.
Ensure That There is Trust and Transparency
Did you know that you can keep your star performers for longer if you provide a work environment that has trust and transparency? Well, these people give everything to succeed and help your business succeed.
However, they expect transparency and trust to prevail in the work environment. If they trust you, your company will succeed without a doubt. On the other hand, you will find yourself fighting conflicts, disengagement, and high turnover rates without trust.
This means that you need to ensure that your top performers understand everything that is happening in your business. They should also know the impact their work has on your customers and the business at large.
Offer Benefits and Competitive Salaries
Most people might think that this is obvious, but many businesses end up losing their best employees because of competitors who offer amazing benefits and competitive salaries.
As much as some people might engage in what they do because they like it, they also need to make some money while at it. Offering competitive salaries is the only way for them to earn this money.
In addition to some of the most attractive employee benefits, you can also offer remote work, gym and recreation centre memberships, catered meals or free food, development and mentoring programs, and casual dress codes, among others.
Show Respect to Them
Showing respect to your employees will compel them to stick with you no matter what you go through in your business. Research has indicated that job satisfaction among employees comes from salaries, benefits, and treating employees respectfully.
Even though keeping your star performers for long is not easy, respecting them is one of the things that you need to make everything else easier. This way, they will be motivated to keep working for you and meeting all the set business goals.
In addition, they will find it easy to engage with you and fellow employees. This way, they can easily approach you in case they need help or want to discuss anything related to the success of your business.
Following these tips will help you keep your star performers for longer and reduce turnover rates in your business.