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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 3 min read
It’s not easy finding good employees who add value to your business and contribute to your company culture. When you find employees like this, you want to hold on to them. After all, few things are costlier or more disruptive to your company’s operations than the departure of good employees.
Why do good employees leave?
It’s incredibly tempting to overwork good employees. They produce results, they don’t complain, and they seldom make excuses. But overworking good employees is very dangerous. A little extra work time now and then is understandable, and if you compensate them with praise or bonuses, they’ll be happy to pinch hit for you. But chronically overworking your staff makes employees feel that they’re being punished for doing a good job, and they’ll begin to look for an employer who treats them better.
Good employees are usually ambitious by nature. They want to succeed and improve themselves, and this is what makes them so valuable to your company. But if you don’t give them opportunities to learn new skills and advance their careers, they may feel that they have no choice but to leave you in order to progress.
Good employees who are engaged in their work often come up with good ideas about how to improve systems or innovate your products and services. It’s not realistic to think you can incorporate every employee’s ideas into your business, but you should do what you can to encourage creativity and respect the ideas of those who work for you. If they feel they are only there to repeat the same work over and over again, they may get restless.
Yes, you compensate your employees with pay cheques, but most human beings need a little more validation than their weekly or monthly wages. A pat on the back, a thank you note, or a little public recognition can go a long way toward retaining your best employees. People love to be appreciated, especially when they haven’t realised that you’ve been watching and noticing their hard work.
Great managers help their employees to set challenging goals, which at first seem impossible to accomplish. If you have neglected goal setting with your employees, they may feel intellectually bored. Boredom often leads workers to seek out new opportunities where they can grow, stretch, and learn. Help them to realise that they don’t need to go anywhere; you can help them grow intellectually right where they are - and your company will be the lucky beneficiary of their best efforts.
If you’ve just lost one of your best employees, take heart. By giving your remaining employees the recognition, challenges, and lofty goals they need to be satisfied, you’ll not only retain them, but you’ll also turn them into even better employees than they were before.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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