The long-term success of your business comes down to having the right team. We know that people are your number one asset but are you doing what you can to retain the right staff? Retaining the best employees ensures happier customers, increased sales, and a satisfied and productive team. If you fail to retain key employees your bottom line is going to be effected. The cost of recruiting and then training a new team member to a productive level is huge.
 
So how do you retain the best employees? It is important for your team to know what is expected of them.  Ensure each person has a detailed job description outlining their responsibilities.  People leave companies because of managers more than their dislike for the job. Be a good manager by offering your team good management, training, performance feedback, encouragement and regular catch ups.  Ask your team for their feedback and ideas, and keep them informed about what’s happening in the business.  This will gain their buy-in, they will feel empowered and more likely be in invested in what you are trying to achieve.  
 
Make sure your team have everything they need to succeed including time and training. Keep developing your employees so they continue to thrive. It might not seem relevant to their role or may seem inconvenient for you, but they will feel more valued and will be less likely to leave.  Senior management should acknowledge all new employees to make them feel welcome and an instant part of the team.  Most importantly let them know they are appreciated. This can be from a simple “thank you”, to a morning tea shout or a more generous cash bonus. Appreciation leads to motivation and motivated employees perform better than those who are not.
 
Millennial employees are the greatest example of this. They want a future with a good employer and to be able to progress through the ranks.  They want purpose from their job, this is often more important than the money.  Let them know how their role fits into your business and what future they can have with the company and they are more likely to stay. 
They also want flexibility and are prepared to take a pay cut and reduced hours to get this.
Bring them into the decision-making process - they might not have the authority to make final decisions in their role but in conversations they could add value and an insight that you never thought of.  After all, they are the experts in everything digital – utilise them and they will feel valued!