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Companies place a high value on employee retention because replacing employees, especially productive ones, takes time and money. Additionally, having skilled individuals leave your company can put a lot of stress on current employees who must take on extra work until those roles can be filled. Given this, it is critical to prioritize the retention of your top employees. 

Here are 5 tips to keep your best employees close and happy. 

Let employees speak their mind

While it may appear insignificant, creating a culture in which employees can freely speak up – within reason – can keep staff involved and deciding to stay. Many employees may be afraid to speak up for fear of retaliation, so it’s critical that workers feel comfortable bringing up issues they’d like to see changed. 

“We’ve found in a number of studies that when employees can freely express their concerns, organizations see increased retention and stronger performance,” wrote James R. Detert and Ethan Burris in the Harvard Business Review. 

Don’t micromanage

You may have heard that micromanaging employees is bad for productivity, but it can also turn off high-performing employees who want to stay. Micromanagement degrades morale and denies employees the opportunity to produce better results for themselves. It also fosters an atmosphere of tension and unnecessary stress. 

What you can do is focus on facts and results rather than the process. Employees can examine their results and consider whether or not their process performed as well as they had hoped. They can see what they are doing correctly and what is contributing to their success, as well as where they need to continue improving.  

Be flexible

Employees preferred flexible work schedules even before the coronavirus pandemic, and remote work became the highest priority for many businesses around the world. Flexibility can be a major incentive for your best employees to stay with you. 

The pandemic has shown us that work can be done anywhere, especially in the era of booming technology. People who have had a taste of job flexibility are now refusing to return to the status quo. But flexibility is not only about where your employees work from. It is about you treating your employees as individuals and making an effort where you are able to accommodate their needs and preferences. After all, it has been proven that flexibility at work increases employee retention, productivity, loyalty, and engagement.  

Give above-average salaries

Offering above-average pay and benefits is one of the most obvious ways to keep your best employees. This can bind employees and encourage them to stay. You can also offer a specific retention bonus to encourage employees to stick around. Combined with a positive work environment, this method can work magic in keeping the employees you like happy and productive.  

Express appreciation and show respect

Aside from pay and flexibility, a crucial factor that comes into play in employee retention is respect.  Make sure you show your top employees how much you appreciate and respect them. Employee achievements can be publicly recognized, birthdays celebrated, bonuses given, and positive reinforcement provided. 

Employee appreciation can sometimes be forgotten about, but it is extremely important to show your people that you see and appreciate their work. Remember that at the end of the day, the employee who achieves their targets and exceeds expectations deserves to be acknowledged, and most importantly respected for their hard work.  

RETAIN AND ENGAGE YOUR EMPLOYEES. RETAIN AND ENGAGE YOUR EMPLOYEES.  

RETAIN AND ENGAGE YOUR EMPLOYEES. RETAIN AND ENGAGE YOUR EMPLOYEES.  

RETAIN AND ENGAGE YOUR EMPLOYEES. RETAIN AND ENGAGE YOUR EMPLOYEES.  

RETAIN AND ENGAGE YOUR EMPLOYEES. RETAIN AND ENGAGE YOUR EMPLOYEES.  

RETAIN AND ENGAGE YOUR EMPLOYEES. RETAIN AND ENGAGE YOUR EMPLOYEES.