As anyone who’s ever run a business knows, one of the most important keys to success is retaining good employees. Good employees are the backbone of any successful company, so it’s important to do everything you can to keep them happy and motivated. Here are a few tips on how to retain good employees worth keeping.

Good Employees Are Hard to Find

It’s no secret that good employees are hard to find. Once you’ve found them, it’s even harder to keep them. A study by the Work Institute found that voluntary turnover rates have increased by more than 50% since 2010, and it’s only going to get worse. The talent shortage is real, and it’s only getting worse as baby boomers retire and millennials enter the workforce. The competition for top talent is fierce, so you need to do everything you can to retain the good employees you have. Here are a few tips on how to retain good employees worth keeping.

Offer Competitive Compensation and Benefits

This one should go without saying, but it’s still worth mentioning. If you want to retain good employees, you need to offer competitive compensation and benefits. This includes things like health insurance, retirement savings plans, paid time off, and tuition reimbursement. According to a study by Glassdoor, nearly 70% of people say they would leave their current job for a better benefits package. So if you want to keep your good employees, make sure you’re offering a competitive benefits package.

Invest in Their Development

Another way to retain good employees is to invest in their development. Some companies, like Maritz Motivation, also know that rewards and recognition go a long way as well. This includes things like providing training and development opportunities, conversations about career growth paths, and offering mentorship programs. According to a study by the Cornell University School of Industrial and Labor Relations, companies that invest in employee development are more likely to retain their workers. So if you want to keep your good employees around, investing in their development is a great way to do it.

Create a Positive Work Environment

A third way to retain good employees is by creating a positive work environment. This includes things like having an open-door policy, encouraging collaboration, and providing recognition and appreciation. According to a study by the Society for Human Resource Management, 86% of workers say they would stay at their current job if they felt their work was valued. So if you want your employees to stick around, it’s important to create a positive work environment where they feel valued.

Investing in your employee retention strategies is critical if you want your business to succeed. By offering competitive compensation and benefits, investing in employee development, and creating a positive work environment, you can give your business the best chance possible of retaining its good employees.