How to Avoid Losing Good Employees to Your Competitors

How to Avoid Losing Good Employees to Your Competitors

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Holding on to good employees is not always easy. Unless your company is at the top of the pile when it comes to workplace conditions, sooner or later, your cream of the crop will get a better offer and leave. However, you don’t need to take this situation lying down. There are plenty of ways to improve employee retention rates without installing state-of-the-art gaming rooms or providing a la carte meals in the staff cafeteria. To help you get started, here are a few useful tips.

Employee Feedback

Employee feedback is vital. Unless you know when people are unhappy with their job, you can’t do anything about it. Sometimes, the first you will hear about a problem is when an employee hands their notice in. By this point, it’s already too late to save the situation, but what you can do is talk to them and ask for feedback on why they are leaving. It might be that they have been offered a better package elsewhere, in which case see if matching it will help. If not, use any feedback they do provide to inform decisions you make going forward.

Personal and Professional Development Opportunities

Make sure you provide plenty of opportunities for employees to develop professionally and personally. Employees want to feel valued. They don’t want to work for someone who doesn’t know their name or care about their future career aspirations. If you treat your staff like a series of mix and match wooden pegs, don’t be surprised if you have a high turnover of employees.

Take personal and professional development seriously. Give employees opportunities to enroll in training and further education courses. For example, if a member of the team says they want to study for a healthcare management degree online, give them your blessing. MBAs, such as an MBA in healthcare management, can offer a great deal of value to employers because they teach skills companies can benefit from. Employees with MBAs are more likely to have leadership potential, which is what your business needs to survive and flourish. Let your employees reach their potential and reap the rewards.

Be a Good Boss

Don’t wait for annual employee appraisals before you talk to an employee about life and work. Make a point of checking in with them regularly. The more engaged you are with employees, the more they will feel that you care about them. You don’t have to be their best friend – and in fact, this is to be discouraged – but you should be empathetic and interested, especially if they are having a tough time in their personal life.

Life-Work Balance

Good employers understand the benefits of an effective life-work balance. Too much work and not enough free time is bad for everyone. Encourage employees to do fun things in their leisure time and support them when they do. It’s good for you and it’s good for them.

Follow the tips above and you will make your business a great place to work.

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