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Keep your best employees without breaking your budget

by , 30 April 2013
As an employer, if you want to retain your best employees and have happy and committed workers, you need to recognise their contribution in a significant way, over and above their salary. Read on to discover three ways that'll help you retain your best employees without hurting your bottom line.

'Employees are often motivated by non-cash based rewards and appreciate them more, particularly if they're spontaneous and reward particular effort,' says The Labour Law for Managers Loose Leaf Service.

So, to retain your best employees, you need to understand that achievement- orientated employees enjoy freedom, power, prestige and a good challenge. Giving them this ensures they're more productive and deliver more than the minimum.

Use these three tips to hold on to your best employees

Incentivise your best employees. Although money may not be the best motivator for achievement-orientated employees, it can't be ignored. You need to pay your best employees well, but don't overpay them in the false belief that's going to keep them loyal.

Tip#2: Mix the positive and the negative. Praise your good employees and praise them publicly when it's appropriate. But don't be afraid to criticise them either. 'Superstars don't need to be coddled, manipulated or managed. They need a challenge and they're willing to accept criticism as long as it's fair and constructive,' says the Loose Leaf.

Tip#3: Give your best employees good work to do and a lot of it: The ultimate reward for an achievement-orientated employee is the pleasure he gets from doing a good job. So make his work interesting, complex and difficult, and he'll run with it.

There you have it! Simple tips you can use to keep your best employees without breaking the budget.

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