May 1, 2017 by
Jade W. Dagher

Whether “no one is irreplaceable” is true or not, keep in mind that losing your key people will result in big financial losses. After leaving your business, they mostly work for a competitor, shake the employee morale and it takes a good time until you find the adequate replacement. Below are some tips to help you retain them:

  • Assess your people on a regular basis with objective tools and techniques
  • Develop your people based on the assessment gaps
  • Let the development program be well structured and balanced
  • Give your team enough appreciation and credit for their good work
  • Challenge people to grow based on their personal vision; provided it is aligned with yours
  • Reward key people with good incentives
  • Provide pampering benefits with long term yields; make sure they are well customized
  • Provide flexible schedules to fit their changing lifestyles
  • Give up the traditional bossy approach
  • Involve them in the decision-making process as well as in setting the business strategy
  • Create contests and related bonuses; go crazy in this area
  • Always get open feedback on how to improve
  • Promoting from within must always be a priority
  • Offer partnership opportunities
  • Set clear expectations and ensure healthy communication
  • Remember that many people leave their boss not their job
  • A well-structured exit interview can be a golden solution for this problem
  • Seek help from HR specialists and business strategists; they are more objective and have good experience in different companies

Expanding a business is mostly related to developing the right people and the right systems. How big would you want to grow is directly related to the quality of the key people around you. Start by defining those candidates then structure a plan to help you develop them and keep them around. What will you do right now in this regard?

Jade W. Dagher
Business & Wealth Strategist
Certified Management Consultant ©