I’m sure you’ve heard the saying ‘pay peanuts and you get monkeys’? Believe me. It’s true.
So true, that’s why it’s important that you pay market-related salaries which are fair and sustainable and which will attract the right people.
Our employees look around and compare their salary packages with what they can get elsewhere.
But, in this competitive world, it’s impossible to retain people solely by paying higher salaries than competitors. There’s always another contractor, desperate for good people, who will willingly pay a premium to entice skilled people for a particular project.
Therefore it’s imperative that quality candidates are attracted to the company and retained, for reasons other than salary.
How to attract good people and keep them.
- Make individuals feel part of the business by regularly communicating with them, discussing the company’s future plans and where they’ll fit into these plans, thanking them when they’ve done a job well, and making them feel wanted.
- People want to work for successful companies, so the company must have a good reputation and success. Success is empowering, infectious and stimulating. Everyone wants to be part of a winning team. Success is winning a new project, successfully completing a project or winning an award.
- Mentor, train and develop people. Training our employees not only makes them more productive and knowledgeable, but employees also enjoy learning new skills and it makes them realize that the company is interested in them.
- Promote people. Train and develop people within the company to take up senior positions. People want to see a path ahead.
- Learn to delegate work to others. Effective delegation means you can spend more time on important duties, even enjoy some free time. Effective delegation means that employees learn new things and take on more responsibility. They feel more trusted. Even more important.
- Make sure that employees have time-off work and don’t work extended hours and weekends. People need to spend time with their family.
- Ensure the company can meet the person’s expectations and aspirations. Companies can’t satisfy everyone’s needs or desires, but try to understand a person’s aspirations and know that you can satisfy them before employing them.
- Always be fair and consistent in your treatment of employees. Of course, being fair and consistent doesn’t mean acting leniently. It simply means applying the rules.
It’s often the little things that attract people. Good people attract good people. People want to work for people who are knowledgeable and experienced, where they can learn.
Attracting and retaining good people is essential to the survival of any company, yet it’s one of the biggest challenges that a company faces in an increasingly competitive job market. Companies need to be innovative, understanding the needs of employees. People are no longer only satisfied to get a salary, they expect more. They want to feel part of the company.
Good people can literally be worth their weight in gold.
Do you appreciate your good people?
What do you do to attract and keep good people?