Go Legal Yourself!, 2nd Edition

CHAPTER 9How Do I Retain Good People?

Retaining key employees is critical to the long-term health and success of your business. While it's not easy to find good employees, it's even more difficult keeping them motivated and inspired to work hard. Many jobs become routine for employees, who eventually seek greener pastures elsewhere.

In the Established phase, employee turnover should not be as high as it might have been in earlier stages. By now you should have created a company culture where employees want to work, grow with the company, and stay. The third most frequently asked question in the Established phase how to retain good people.

How Do I Retain Good People?

According to strategic planning consultant Leigh Branham, author of The 7 Hidden Reasons Employees Leave, 88% of employees leave their jobs for reasons other than pay. However, 70% of managers think employees leave mainly for pay-related reasons. Here are Branham's seven reasons employees leave a company:

1. Employees feel the job or workplace is not what they expected.
2. There is a mismatch between the job and person.
3. There is too little coaching and feedback.
4. There are too few growth and advancement opportunities.
5. Employees feel devalued and unrecognized.
6. Employees feel stress from overwork and have a work/life imbalance.
7. There is a loss of trust and confidence in senior leaders.

After you put in the time, effort, and investment to hire the best employees possible, your goal should be to retain that talent. Salary, ...