1. Money

Video:How to Retain the Best Employees

with Angela Lussier

Retaining employees ensures your work force will evolve into a roster of top talent. Learn 5 ways to retain the best employees to keep your business booming.See Transcript

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Transcript:How to Retain the Best Employees

Hi! This is Angela Lussier for About.com. Today, you're going to learn how to retain the best employees.

Give Employees Resources and Freedom

Tip number one. Ask for their opinions. Top performers like to be involved. If you're at a meeting and you ask for their input, really use it and ask them to explain why they're interested in the topic, explain their point of view and how it can help the company evolve.

Tip number two: offer resources for advancement. Top performers are always looking for ways to learn, grow and connect. If you can give them entrance to a conference, tickets to a seminar or workshop, get them involved in networking groups, or buy books for them and their advancement, they'll be more apt to stay with you as they're always looking for that next way to learn more.

Tip number three: give them freedom. That's creative freedom, physical freedom, and scheduling freedom. Creative freedom means giving them the opportunity to share their ideas and express their opinions. Physical freedom means giving them the opportunity to work from home, going to a coffee shop to do work - wherever they can be most productive. And scheduling freedom means allowing them to do work when it works best for them. If you keep them confined to a 9-to-5 work day, they may be less apt to give you as much as they can, because they may work better at night.

Open Lines of Communication With Your Employees

Tip number four: ask your employees what motivates them. Everyone is motivated by something different, and it's up to you to ask the question, what are you motivated by? Some people are motivated by money, others are motivated by recognition, some people feel that having a free and flexible schedule is a way to recognize hard work. Make sure you understand people's motivations so you can get them to work harder, and retain them by giving them what they want.

Tip number five: listen to them. This is the most commonly overlooked practice in management today. Listen to your employees - especially the ones you want to hold onto - and pay attention to what they're sharing with you - whether it's feedback on the company, feedback on their jobs, feedback on their co-workers, make sure you're paying attention to what they're telling you, and looking for ways to implement their ideas.

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