Some great tips to retaining talent in your firm

Its great to hire an employee who is talented, professional, intelligent and willing to go the extra mile to get the job done. However, retaining such an employee in a world where talented people can be literally snatched from your firm by the bigger fish or by competitors is a true challenge.

Here are some tips to help you retain your talent pool:
1. Competitive Salary Package
You may not be able to match the deep pockets of a larger company but you should still make an earnest effort to keep your staff salaries reasonably competitive. Generally speaking salary is not always the only reason why a person will switch a job. However, this is only true when the salary is more or less reasonably competitive. Although conditions may vary across geographic regions and industries you can make rough estimates.

2. Appreciating by Differentiating
Wonderful people need to be treated wonderfully. Simple and plain. Make sure that your best employee gets the best salary package in your firm even if that person is younger/less experienced. While there may be resistance from a lot of quarters questioning your judgment, remember that its business. Businesses get most benefit from their best staff and everyone in the staff should be amply clear about what will get them the best bucks at your place. A letter of appreciation as the best employee for the year will surely help as will a bonus based on performance.

3. Job assignments
Try to give the best and most challenging job assignments to your best staff member. This will help to fulfill their desire for more growth by helping them polish their old skills and learn new ones. Moreover, it will help them to see that they have a future at your place and that your firm is not stangant.

4. Perks
Try to see if you can afford some small perks for your staff. Ofcourse, this may not be possible given the size of your firm and your financial standing. Younger companies are generally struggling in their first couple of years to get out of the red and start earning profits. However, if you can afford to do it then don’t hesitate to hand over some perks based on the competency of the staff.
It great if one can do all of the above but remember that its easy to lose focus of the whole situation. Focusing on the best of your talent is just one piece of the puzzle and it should not make you forget about the remaining of the rest of the staff.