How to Keep Talented Employees – In the Roaring Fork Valley and Beyond

How to Keep Talented Employees – In the Roaring Fork Valley and Beyond

A key to a successful business is retaining talented and experienced employees. Few things in business are as costly and disruptive as loosing key employees in your organization. This rings true especially for the Roaring Fork Valley, where the talent pool is limited from purely a numbers standpoint. The Bureau of Labor Statistics reported the average turnover rate is close to 9 percent per year, but it’s more than double that in a seasonal resort community like Aspen, Basalt, and the lower valley. So what can a business do to retain their employees and keep things running smoothly?

Advancement

Not everyone can be the person in charge or a supervisor since there are a finite number of “upper-level” positions in the Valley. To keep your talented and experienced employees, they need to be engaged and excited about their work. They need to be influencing decisions, solving problems and making a bigger impact. And while this traditionally comes with formal promotions, advancement can also be accomplished with evolving job descriptions and responsibilities. Checking in with employees to get their ideas related to business practices and policies will help them feel valued and will allow their voices to be heard – thus giving them a stake in the success of the business.

Recognition

The best leaders don’t take credit – they give it. A simple pat on the back or “job well done” goes a long way in terms of motivation and productivity for employees – not to mention the overall moral of an organization. Simple gestures such as brining in snacks, hosting a luncheon, or awarding certificates when goals are reached can incentivize employees to keep working hard. When employees get positive feedback they feel more emotionally connected to the leaders and the company; thus, they are less likely to jump ship.

Competitive Compensation

The desire to make more money is a very common cause for employees to leave their jobs.  Whether they can actually secure a new position with a higher compensation package is yet to be proven – but the yearning is ever present in the valley because of the incredibly high cost of living. A study done by WorldatWork, the Hay Group, and Loyola University found that 83% of organizations will pay key employees above the going market rate to keep them, and 73% say this is an effective retention strategy. Obviously this has to work with the bottom line, but if it costs approximately 50-200% of an employee’s annual salary… Well, the extra compensation could well be worth it in the long run.

Clear Vision

Erika Anderson, a Forbes Magazine contributor and national known leadership coach, believes lack of clarity is one of the reasons people leave organizations, period. Employees need to know the reason for what they’re doing and how they contribute to the vision of your company.  If you are clear about what you want to accomplish as an organization and enlist the support of your staff to help bring the vision to life – people will not only stay, but thrive.

 

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