Retaining Your Valuable Human Capital

Retaining Your Valuable Human CapitalRetaining Your Valuable Human CapitalIt is essential to give your employees a vested interest in the success of your business. In many companies today, employees feel unimportant, and that they have nothing to gain from the success of the firm. Thats why bonuses, ESOP plans, and other incentives should be a parte of every business. When individuals have tangible reasons to work harder, they are more likely to share your enthusiasm and desire for the company to succeed. It is amazing how much effort, initiative, and intensity people are willing to provide when they have a stake in the outcome.Be niceEmployees should have other incentives besides money to work hard and give back to the business your employees should enjoy what theyre doing. Create a friendly and caring atmosphere at work with special benefits for your employees. Sometimes a little perk can create an incredible atmosphere of warmth and friendliness. Whether you try casual days , birthday cakes, family days, pet days, surprise bonuses, pizza parties, or special days off, do something different at work to make your employees feel like they are part of a company that cares about them. An atmosphere of caring isnt confined just to internal perks. Sponsor local community events, send employees back for continuing education, recognize the families of your employees. These extra touches will create a positive working atmosphere that will have you and the rest of your team looking forward to coming to work every day.Important employee responsibilitiesAn important part of managing your business is giving responsibility to other individuals at your company. Giving employees significant responsibility not only makes them feel important, but also frees up time so you can focus on growing your business. It can be very difficult to let go of certain tasks that you have performed from Day One. However, being a manager means delegating responsibility in the most eff icient manner, allowing you to spend time on the core areas of the business. Releasing the operational and financial aspects of the business will allow you to focus on future initiatives and other opportunities in the marketplace.Using employees efficientlyUtilize your employees to the best of their abilities. Push employees to expand their horizons and learn about different aspects of the company. Encourage them to choose goals that will advance their professional abilities and make a significant impact on the company. Reward your employees for doing well, providing an idea for a project, or working longer hours to finish particular projects. Recognizing the efforts of your employees is an important part of creating a strong bond of respect and communication.A transparent organizationAlways keep the lines of communication open and encourage employees to come up with new ideas and suggestions, even on topics not directly related to what they are doing. Keep your employees in t he loop. In many growing companies, employees often feel like theyre in the dark about important company business - a feeling that can breed mistrust and discontentment, and may even drive individuals to leave the company. Keep your employees feeling like they are an integral part of the team by actively communicating with them, encouraging them to take their skills to the next level, giving them important responsibilities within the business, and letting them know they are important to the company and you personally.Incentives and benefitsThere are many different types of incentive and benefits packages that you can make available to your employees. Unless you have part-time employees, your staff will want a medical benefits plan. Offering a comprehensive medical benefits package is extremely helpful when hiring skilled workers. Offering a tuition reimbursement program will encourage employees to increase their knowledge with continuing education classes and advanced degrees. Encouraging your employees to take financial or computer literacy classes will add value to your company. Stock options can be especially helpful when trying to hire an individual whose current salary you may not be able to match. The future value of the stock options may be enough to interest them into coming aboard. Bonus plans are another excellent way to reward employees for their good work. Make sure to explain to employees the basis for their bonus. It is a good idea to tie bonuses to personal as well as company performances.ConceptTeamBuilding a business team that works well together is an essential part of the success of any group. Finding the personalities and skill sets that fit is an important part of the hiring process. Creating an invigorating atmosphere, encouraging people to work together, and providing strong leadership and guidance are all essential parts of building a winning team.