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ACROSS THE TRADES Winter 2022
FIVE INCENTIVE IDEAS,
SO YOUR BEST STAFF NEVER
WANT TO LEAVE
BUSINESS COACH DANIEL FITZPATRICK LOOKS AT HOW TO IMPLEMENT INCENTIVES THAT KEEP YOUR
STAFF SELF-DRIVEN AND POACHER-PROOF.
N
othing stings more than losing
one of your standout workers.
You know who I’m talking
about. The ones that always turn up on
time, have a great attitude and never
let you down. They’ll go the extra mile
because they take pride in their work.
Things tick along nicely. Until they
ask for a “quick chat”. They’ve had an
offer they can’t refuse and they’re off.
You ask what you can do to keep them,
but that ship has sailed.
Great staff are worth their weight in
gold at the moment. So how do you make
sure your best staff stick around? Think
about your current team. Who can you
not afford to lose?
Now consider this…
1
Can your incentives pass
the poacher test?
Say your best employee got
approached tomorrow with a job offer.
What would stop them saying yes?
Losing a valuable team member hurts.
The best incentives help you build a
culture that people won’t want to leave.
Everyone wants to know where
they’re heading. Help them get what
they want in their lives. Invest in
training them. Align their goals with
your business goals. Show them how
working with you gets them the career
path they want. This creates loyalty and
they are less likely to get poached.
Give great bonuses for hitting
targets, like the team gets a certain
dollar amount for completion of a job on
time or early. Consider a $10K bonus if
they are still with you at the end of each
year.
For the ultimate employee – consider
offering a profit share or even an
ownership share to keep them for good.
Without stating the obvious, these
incentives should only be considered for
your MVPs.
2
Do you know what your
staff want next?
Long-term incentives are crucial
for retention. But you’ve also got to walk
before you can run. Knowing what your
team wants in the short-term matters,
too.
MANAGEMENT