employee management by Joanne Sujansky 10 C st Effective Ways to Keep Great Employees In todays highly competitive business world, your employees have a lot of options to work elsewhere. Here are 10 cost-effective ways to keep your best employees from seeking greener pastureswithout breaking the bank. E mployees matter. No, they really matter. In fact, its safe to say that the men and women who work for you are everything. Think about it. Your competitors have access persons salary. You also lose that employees institutional memory, another great asset for your company. Clearly, preventing greener pasture syndrome must be top priority for todays leaders. And while it may sound self-evident, the best approach is to make your pasture the greenest. Ultimately, that means becoming a Vibrant Entrepreneurial Organization, or VEO: a company with a culture that allows that elusive sense of employee ownership to flourish. But in the short run, it means making your company a place where employees truly want to be. And by the way, it isnt always cash that makes other pastures greener. When salaries are commensurate with the marketplace, other factors take priority. Good people stay put when they are challenged, when they have the opportunity to develop and contribute, and when their employers take care of the small yet meaningful things that make their lives easier. So what specific steps will help you keep your employees engaged and productive? And on behalf of all of the small business owners out there, how can you make your pastures greener without breaking the bank? Here are 10 easy-to-plant (and inexpensive!) seeds that will help your pasture be the greenest it can be for your current and future employees. to the exact same resources as you. That means almost infinite choices exist not only for your customers but for your employees as well. If youre not seeking ways to nurture them and meet their needs, they will seek greener pasturesand your customers may follow. Many leaders dont realize that the rules of business have changed almost overnight. The old paradigm says that your primary focus should be on keeping your customer happy. The new paradigm says the employee has taken over that spot. Keep your employees engaged, and theyll keep your customers happy. Neglect their needs, and they wont be so concerned about keeping their end of the bargain. Make no mistake: When employees start searching for greener pastures, it can be a bona fide disaster. After all, your employees are the face of your organization. They build strong relationships with customers and vendors, they know the ins and outs of your operation, they train new hires and indoctrinate them into the company culture. On top of that when you lose great employees, it hurts customer retention and the morale of the rest of your team. And every time a great employee leaves, you have to shell out the cost of rehiring and retraining a replacementa cost that studies have shown could range from 70 to 200 percent of that 138 S P E C I A L T Y R E T A I L R E P O R T / W I N T E R 2 0 0 8 / s p e c i a l t y r e t a i l . c o m specialtyretail.com Winter 2008 T h e ONLY M a g a z i n e f o r t h e C a r t a n d K i o s k I n 5` 4` 11 4` 10 4` 9 Justin e Zachary 4` 8 4` 7 4` 6 4` 5 4` 4 4` 3 4` 2 4` 1 4` ©2 00 Veg April 15 as -17 SPREat E Las See us DE LIVERING D ISTINCTION CBL & ASSOCIATES PROPERTIES, INC. CBL Center, Suite 500 2030 Hamilton Alabama Madison Square ­ Huntsville Parkway Place ­ Huntsville Michigan (continued) Meridian Mall ­ contents winter 2008 100 Partnering is a quick, easy way to get a new product to the marketplace. columns winter 2008 60 134 Publishers Perspective 16 Entrepreneurs Make the World Go `Round I get Now add nautral extension to your hair product cart. publishers message by Patricia Norins W I N T E R specialty retail R E P O RT 2 0 0 8 VOL.12 N They may be soft and comfy but , they really kick butt. 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S Fara J Shoe Outlet uses an oversized shoe graphic with bold colors on the base, topped by a flowing visual solutions Light `Em if Youve Got `Em! Adding light to your signage can set a mood and get yo Bathed in primary colors that appeal to the stores clientele, this Wacky Bear Factory sign coordinat employee management by Joanne Sujansky 10 C st Effective Ways to Keep Great Employees In todays hig 1 Dont misrepresent your corporate culture. Engaging your employees starts before theyre employeest 8 Create an open environment. Is your work environment restrictive and behave ethically? When you See Attendee Brochure mailed with this issue. 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