As most business owners and presidents would agree, employee turnover can be costly to both the gaining an losing sides. The loser has to spend time replacing the employee while the winning team has to compensate the new employee accordingly. Unfortunately, with today’s changing job market and cost of living, compensating new employees requires more than the old salary, and that does not include the human resources that go into the hiring process or the hours other people put into filling the ex-employee’s work in the meantime. This is why Status Labs leader, Darius Fisher, has offered some tips to maintaining the employees you have, so you do not have to worry about replacing them anytime soon.
According to Darius, the primary goal is creating incentives. These incentives can be simple recognition of accomplishments, monetary compensation, fun activities, additional benefits or something else creative, but they have to be enticing and rewarding to the employees. Do not fail to appreciate your crew because they will begin to notice, and they will arrange improved work conditions elsewhere.
Where to Start
Many people feel lost when trying to implement an incentive plan. Obviously you have to work within a budget, but the process can be made much simpler by letting the employees provide options. Take a survey to find employee interests. Hold a meeting to take suggestions, or send out an email and wait on replies to pile in. Regardless of how you reach out, make sure you are actually addressing the needs and desires of the workers, so you can please as many people as possible. Employees will tell you what they want, and it is your job to recognize these interests in the most efficient way possible.
As president of Status Labs, Darius Fisher established the direction of the company in helping people manage online reputations. By developing partnerships, Darius has led the business to setting-up offices in Austin, New York and Sao Paolo. Status Labs has impressively served over 1,500 clients in 35 countries. Before cofounding Status Labs, Darius Fisher worked in political consulting and copy writing.