There’s a saying in business: “Everyone is replaceable.” But at what cost?
According to Investopedia, it takes an average of 6 months to train a new employee. This means that every time someone leaves your company, it will take 6 months to get a new hire up to speed. That’s half a year of payroll, benefits, and sick time you’re paying just to get them to break even.
We know it’s impossible to get every employee that walks through the door to be a lifer, but there is one important distinction you must make. Discover who your Top Performers are and work hard to keep them. Here’s how.
- Downsize: No company likes layoffs, but sometimes they are a necessary evil. In order to keep your Top Performers happy, they have to work with other positive people. Gossipers, drama queens (and kings), or those with a constant negative attitude bring the entire atmosphere of your company down, your Top Performers included. It may be time to take a quick look at whose production is sub-par or who is no longer an asset to your team, and consider downsizing.
- Gather employee input and apply it: The people who are the best at their job – and the ones that make your business the most money – truly understand what it takes to get the job done right. Get them all together and ask for honest feedback. Let them know it’s a “safe zone” and let them speak their mind freely.
- Promote modernization: You can’t change the past, but you can always change the present and the future. Make sure your top performers have enough resources to innovate new ideas. This will keep your dream team engaged and can also possibly bring in another form of revenue.
- There’s nothing wrong with competition, keep it healthy: When you put competitive people together in the same room and make a contest out of it, production will go through the roof. Have one problem, and create multiple teams to solve it within the same time line. The team that creates the best work within the least amount of time wins dinner!
When it comes down to it, no one wants to see a top performer leave for someone else. As a leader, this is preventable and it’s your responsibility keep those performers engaged with your business model. By making these changes, your chances of retaining your best people is more than just an idea.