Building a Corporate 'Dynasty:' How Successful Companies Retain Talent

Doug Horn on September 9, 2014 12:59:00 PM EDT

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As countless sports franchises already know, it’s not easy to build a dynasty. One of the main reasons for this is once you get the personnel that can take you to such heights, it’s often difficult to retain that talent. Players and coaches search for better offers, solid contributors get poached, and still others get hurt or simply retire.

The same goes for businesses, no matter the industry. Sure, there will be significantly less injuries (unless you’re employing Terry Tate: Office Linebacker), but the battle to retain talent is just as fierce in the corporate world. 

In order to keep growing your company, you’ll no doubt want a roster of all-pro caliber players. The problem with that is once word gets out of a certain employee’s prowess, it’s all but guaranteed that he’ll be targeted by other firms. If not treated well, quality individuals may leave for companies that let them know their services are valued.

Luckily, there are surefire ways of retaining talent. While they may be different, each is just a separate piece of a much larger puzzle, and they should all be used in conjunction to ensure optimal results.

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Tell Them You Value Their Work

While many employees don’t need validation, there are still millions of others that do. It’s simple, cost-effective, and it does not take more than a few minutes to let someone know that you appreciate the quality of their work and the time they put into it. Compliments can both motivate and boost morale, particularly amongst millennials, a generation notorious for needing near-constant praise. Considering the fact that by this year, millennials will make up 36% of the workforce, it can’t hurt to be generous with your commendations.

SHOW Them You Value Their Work

While this is similar to the last point, it involves going that extra mile by physically showing your employees that you value their work. This can include, but is not limited to promotions, employee of the month awards, dinners, prizes for top sellers, etc. When good work is met with tangible rewards, workers more wholly understand that you appreciate what they’re doing for the company.

Salary and Benefits

It may be obvious, but a respectable salary and solid benefits make employees feel both valued and secure. Since salaries put an exact monetary value on each employee, higher wages let workers know that they are a respected part of the team, and that you’re willing to pay top dollar to retain their services.

Team-Building Events

You know what each of those aforementioned dynasties had in common? Chemistry. Whether it’s corporate retreats in swanky hotels, holiday parties, or simply a night out at the bar, building team chemistry cannot be overlooked. If your employees jive with each other, there’s less of a chance that they’ll seek employment elsewhere. All of a sudden, the once grating sound of their alarm clocks becomes something to look forward to. Going into work becomes an enjoyable experience because they’re surrounded not only by people they respect, but whom they actually like.

Interesting Projects

Another reason people look forward to work is because they truly enjoy what they’re doing. Good old William Cowper knew variety is the spice of life, and if he were still alive, I’m sure he’d say the most content employees are the ones who are tasked with working on interesting, multifaceted projects. If your employees are doing the same tedious work for three years straight, it shouldn’t really come as a surprise when they tender their two weeks’ notice.

Freedom

The last item on the last is by no means the least: freedom. An atmosphere in which employees feel your breathing down their necks at all times is not conducive to producing good work or retaining talent. Besides, if they’re talented employees, why wouldn’t you trust them by giving them more freedom? A company that allots its workers more leeway is seen as more trusting and less dictatorial.

This list is by no means exhaustive, but it should give you an idea of how talented employees expect to be treated. If you follow these pointers, your company could very well reach that much-coveted “dynasty” level.