A great team of talented, well-rounded employees is the recipe for a successful business.
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It is important to choose employees who will bring something to your company and make a difference, and not get into the habit of keeping employees just because they are decent.
Here are some useful tips on how to keep talented employees in your business.
Pay Generously to Acquire Greatness
Pay your employees higher-than-average salaries, and show them that their exceptional performance is being recognized. If your employees are getting rewarded for the hard work they are putting into, they will be less likely to leave the company.
A talented employee who is only getting an average salary may leave because they know they are capable of getting a higher offer from another company. By paying higher-than-market salaries, you eliminate that risk.
Let Intrinsic Value Shine
While high salaries can get you great employees, most employees don't leave jobs because they are undercompensated. They leave because they don't like the boss, the company culture is bad, or they are unchallenged.
Build on this knowledge by making your work environment a setting that your best employees absolutely love.
Let the Average Go
Don't let mediocre employees waste your time. If you don't see any sort of significant improvement, give them a decent payment and ask them to leave.
Zappos.com takes this to a new level by offering employees a quitting bonus after they've been on the job for two weeks. They literally will pay employees who want to leave in order to incentivize the worst employees out of the company.
Take action early. Employees who fail to bring anything special to your company don't deserve to be a part of it. Let those employees go, and use that extra room to fill in with more gifted employees.
Talent Begets Talent
Get your talented employees involved in your hiring process. If they are talented, they will be able to identify talent in prospective employees, maybe even better than you can.
If your attitude for recruiting is one of "We only hire the best!" then you will hire the best. Foster that culture of excellence and watch your pool of talented employees grow by leaps and bounds.