Business is all about competition. In many cases, you think of a company standing out from the crowd to attract new clients. But this is not the only reason it pays to be better than the rest. As a firm, you also need to keep hold of your high fliers. Your team is an integral part of your success. If you’ve got rivals sniffing around trying to take your best workers, you need to convince them to stay. Here are some tips to help you ward off competition and create a loyal workforce.
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Keep things interesting
Even the most dedicated workers can get bored of their working environment after a period of time. If you’re doing the same thing day in, day out, your mind can wander. A change of scenery may be appealing, even if you love your job. To keep your employees interested and motivated, try and inject a little variety into their routine. Switch up tasks, and encourage collaborative working. Combine office-based work with external activities, and try and be flexible.
Reward consistency and improvement
Many people are eager to progress on the career ladder. As an employer, you should reward consistency and continued improvement. It’s important that your workforce feels valued. If your star employee has been working around the clock without any reward, their head may be turned. If their efforts are recognized, they’re more likely to continue to give their all. Promotions are one way of rewarding excellent work.
Provide a competitive package
Even the most loyal employee may feel hard done by if they’re offered a similar job with a host of perks and benefits. If you’re looking to compete with other firms, you need to be aware of what they’re offering. You should also make an effort to understand what your employees want. Make sure the jobs you offer are an enticing prospect. A role may be more appealing if comes with health and dental insurance, a pension and gym membership, for example. Look into employer schemes like those provided by Nationwide, and do some research on your competitors.
Be prepared to pay
Money talks in this world. Even if your employees love working for you, higher salaries can prompt them to ask questions. If you have a high flier on your team, and you’re desperate to keep hold of them, be prepared to pay. It makes sense that somebody would consider other offers if they haven’t had a pay rise for years. Your rates of pay should compete with other companies. If your salaries are significantly lower, you run the risk of losing your best workers and struggling to recruit the best talent.
Any employer is reliant on their team. If you start losing your most talented employees, your business is likely to suffer. Just like you want to recruit the best, so do other companies. You may find that your star players are headhunted by rivals. If you’re keen to keep your team intact, take these tips into consideration. Offer rewards, and make sure you’re competing with other companies in terms of pay and benefits.
