Last week, we discussed how to exponentially increase your productivity and profitability by educating your employees.
Some business owners are reluctant to invest in expensive training. If they invest in training, they may not be able to pay the highest wages. Once trained, the employee is often targeted by the competition.
The competitors can afford to pay more because they did not spend the money on training. If the employee quits, the investment is gone and the competitor has an advantage.
Certainly, that is a very real risk, but it can be virtually eliminated. The key is to retain the employees after they are trained.
There are many ways to increase employee retention. We will discuss basic concepts in this article, and the details next week.
The most important component is a good culture. The employees must feel safe from internal threats like layoffs and internal politics. They must feel appreciated, secure and respected.
When employees are treated properly, they will operate as a team and focus on the companyโs goals, not their own self-preservation. The leader is the only one who can establish the culture.
Next, determine what motivates each of your employees. Some will be motivated by money; others desperately need medical coverage. Single parents might appreciate a flexible work schedule.
Still others are motivated by recognition, responsibility and advancement. Often money is not the most important benefit of employment. Try to give them what they need the most, if you can.
Finally, meet as a group and discuss all areas of operations. Identify ways to improve systems, productivity and profitability.
When was the last time you asked an employee what was important to them?
