I always try to keep the employees I have. I have this phrase; Better the devil you know than the devil you don’t…
An employee that works well within the system and shows up on time is I will take over someone I interview who looks better on paper, but have no idea how they’re going to work out.
Don’t Wait Until Somebody Quits or Resigns to Talk Salary, Raises, and Perks
One of my partners had his top-performer leave his keys on the desk, quit, and wasn’t returning texts. I reached out to the person and was able to get them back.
My partner could have avoided this by doing what I call a “review and realignment”.
What typically happens is that a person quits AND THEN you go an offer them more money. That’s a mistake.
Why? They will wonder why you had no problem paying them X for the past couple years and now all of a sudden you are willing to pay them more when they’re quit.
It also puts you in a weak position. You probably have a workload for their them and now you have a gap in production/responsibility. And it also puts you under-the-gun timewise.
Employees talk. They will wait and see how you do and then come asking. I mentioned a while back that I had an employee asking to match an offer he had that was 2.5x the salary I was paying him and he was already paid extremely well…I told him no. Why? Well the rest of your employees know you need them…and if you’re not careful, they’re going to think you give raises when you quit!
This is why I don’t want to wait until someone leaves.
Schedule Review/Realignment Meetings Every Six Months
These need to be systematic. Here are the talking points:
- Give constructive criticism. This is a review. You’re not under pressure because they haven’t quit.
- Challenge them to do better. See where they can improve.
- Share the vision and how they fit. Look at five and ten-year increments.
- Ask them what they love doing for the company. Find out what they enjoy doing and how they can do more. They will be more likely to stay.
- Ask them what they hate doing. e.g. Some people hate answering the phone. Some people love it.
- Ask what you can do to make sure they’re with you two years from now. Where do they see themselves two years from now?