Tue 29 Apr 2008
How to Retain Your Key Employees During Bad Times
During good times, it is quite easy to retain your key employees - and regular tweaking up their salaries could just be enough to encourage them to stick with you.
But it is during bad times that you will need to be more innovative if you want to retain your best employees.
Here are some ways that you can retain your key staff during trying times.
Explain the Situation
You should communicate clearly with your employees and explain the situation to them - without putting them in a state of panic.
It pays to have a clear business plan, so that your employees have the confidence that you know what is required to lead the business ahead during tough times.
If you need your employees to work overtime, then you could give them some days off during holiday season in exchange. You should be willing to make some sacrifices if your employees agree to make some in return.
During the lean times, you'll need to use ideas like these to get the best out of your key employees.
Encourage Your Key Staff to Learn New Skills
If times are lean and your employees are sitting idle, then you can train them in new skills so that they can be ready in the future.
Keeping them occupied and learning will keep them interested, update their skills and also stop their minds from wandering.
If you cannot give your employees a reward for jobs well executed, then you can at least praise them. If this is the case for you, then make sure that you promise to reward them when your business improves.
If your employees trust you and are loyal to the business, then they will stay on in the hope that you will stick by your word.
When times get tough, it pays to use ingenious ideas to retain your key staff - and if everyone puts in some extra effort, then the bad times will soon pass.