Good employees are driven by passion, keep them happy

One thing that most business owners would concede is that getting a good employee is a major contributing factor to entrepreneurial success.

Management gurus estimate that the best employees in a typical firm contribute between 30 per cent to 50 per cent more than average employees.

Best employees are few yet their contribution is immense. They are the pillars of business and sometimes they are mistaken for owners or co-owners because they discharge their duties with a passion that cuts deeper than their pay cheque.

They not only discharge their duties well but also come up with new ideas and ways of doing things, serving customers and countering competition, often ahead of the business owner.

Such employees are not only rare to find but also hard to keep.

Most successful entrepreneurs would confess that their success is attributed to finding good employees.

Similarly, most promising businesses have gone down the drain due to owners’ inability to find and retain good employees.

Few things hurt businesses as hard as a high turnover of employees, especially star performers.

Most firms, once they identify key star employees go an extra mile and hook them with some incentives such as shares so that they can truly feel they are part of the firm.

Fortunately, all firms can retain key performers. They good news is you don’t have to allot them shares or pay them a lot of money to retain them.

A survey reported in 2006, in the online HR Daily Advisor magazine notes that 89 per cent of employers think their best employee leave for more money, while only 12 per cent of employees actually do leave for that reason.

Highly productive employees are interested in more than just money. They know they can get job in so many companies and be paid well if they wanted.

Whatever you give them, your competitor can give more just to get what you are getting from them.

So how can you retain them?

First appreciate them. Appreciation comes in many ways and forms. Monetary appreciation that so many firms practice is one of the least effective, especially when used alone.

They need to be treated with respect and trust. Cater for their emotional needs by listening and caring for them especially when they experience life challenges such as sickness in the family, bereavement or marital problems.

Build a strong and supportive team. Nothing puts off top performers faster than a dysfunctional team.

Other than internal wrangles, commonly called corporate politics, they don’t like a situation where their success is hampered by underperformance of others.

Secondly, ensure the work is challenging as well as interesting. If the work is not challenging, top performers feel underutilised.

Since they are usually very creative and innovative, they will look for other places where they can have the opportunity to utilise their full potential. To them, this is more interesting than pay rise.

Thirdly, let your employees feel they are adequately compensated.

Fourthly, make their future secure. This can be done by giving then a clear path for career growth. No one wants to be stuck in one position for ever.

Finally don’t be a micro-manager. Star employees typically do not like to be bogged down with instructions and monitored in every step.

Mr Kiunga is the author of Challenges of Starting a Business and The Art of Entrepreneurship: Strategies to Succeed in a Competitive Market. E-mail: [email protected]