One of my fondest memories in business was a period of four years when I had zero employee turnover among 40+ employees. This was in a technical business in a highly-competitive market.
One of the keys to my zero turnover was recognizing that every member of my staff was looking for something different, whether it be career growth, income growth, work/life balance or recognition. Once I determined the most important factor for each individual, I just provided that.
Here are a few of the specific tactics I used to retain my best employees.
5 Ways to Keep Your Best Employees
1. Give Them a Chance to Brag.
At the end of every month, have each employee send you a short email telling you the best thing they did that month. Keep a record of these and share them—perhaps in an internal newsletter—with others on your staff.
2. Award Top-Dogs.
Instigate a peer-to-peer monthly award system. Let employees set the criteria for this and have them vote every month. Provide a variety of prizes the winner can choose from including items like a half-day off or a gift card.
3. Recognize Volunteerism.
Give staff members an opportunity to share their volunteer involvement with the entire team. Consider a Volunteer of the Month Award, which might be a donation to the charity of the winning employee.
4. Instant Awards.
Sporadically (so it is unexpected) give an award—again, let the winner choose from a selection of awards—to an employee who did something above and beyond. Present this in front of peers.
5. Celebrate With Time Off.
Consider giving employees the day off on their birthday and their anniversary with the company.