5 Ways to Keep Good Employees

Many of us business owners are like drivers: our heads are always in the future, thinking about where our companies are headed. On the other hand, many of us aren't experts in human resources and have difficulty working with groups of people with different personalities and skill sets. Still, people are an essential aspect of a company and we have to have a core group of high-performing employees aligned with the direction of the company we're driving. And, amid the Great Resignation, it has become more imperative for business owners to keep their A-level employees happy.   In this episode, I outline the different ways to make your top-performing employees happy and retain them. I discuss how voluntary turnover rates have increased since the pandemic began and describe new workforce issues and needs today's business owners face. I explain why flexible working arrangements are vital to retaining key employees. I also highlight the multigenerational impact of employee recognition and underscore how happy employees can increase your profit margin.   "If you have 10 employees, you are likely to have two to three voluntary departures in the near future, and it could be disruptive for your business." - Justin Goodbread   This week on the Financially Simple Experience:   How voluntary turnover increased throughout the pandemic The transient workforce and the stigmatization of remote work Understanding employee demographics and their needs Investing in employee engagement How improving employee engagement can lead to increased profit margins Daily actions that could increase employee engagement in your company Supporting your top employees' professional development The multi-generational impact of employee recognition Healthy corporate culture and avoiding toxicity in the workplace Embracing workplace flexibility Why flexible schedules and remote work are vital to retaining employees Building friendship and camaraderie in the organization How employee turnover drags profitability and team morale How working with a business coach can help you overcome familiarity bias and retain your high-performing employees   Our Favorite Quotes:   "Commit to your A-players' movement and development. You can build a professional development system, no matter what industry you're in." - Justin Goodbread "We have to maintain motivation. We need to build a healthy corporate culture, strengthen our employee relationship, and reduce micromanagement as much as possible." - Justin Goodbread "We have to rule with empathy. If we're completely rigid and demanding peak performance with no empathy, someone who's going through a hard time in their lives will not stay with the company." - Justin Goodbread   About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast.   Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").   This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.