Of course you can pay him excellent salary but I am not considering that as a probable solution because that’s not the most feasible way out. You need to think out of the box and provide some added advantages that will make the employee stick to the company.
1.The feeling of Ownership: Allow good employees to take the ownership of their work. Its better not to take the share of the credit of what they have achieved simply because you are the manager. The ownership of the work develops an emotional attachment and that is a feeling which money cant buy. Believe me guys, as a manager you will lose nothing. If your team members are appreciated then its actually your appreciation. This is common mistake that many managers do. They present a success to the higher management as their individual achievement. This frustrates the subordinates and they tend to move away from the organization emotionally.
2.Formal And Informal Appreciation: As a manager you should not leave any scope to congratulate and appreciate a resource in every possible way for any achievement. A two liner “congratulations” mail from a manager can be a big motivation and from the next time you can expect better results. You can also copy the mail to the higher management and another mail from any of them can be their added inspiration. Sometimes if you just pat the back informally as a recognition of their achievement, is also enough to encourage them.
3.Reward Program: May be at the moment you are not able to do an untimely salary appraisal for a resource who is a super performer. He may be trapped by any of your competitors and can be hired at a better pay scale. No matter if you cant give him a hike but arrange for some incentives for his achievements. Sudden Bonuses and Incentives act as a huge motivating factors and even if other companies offer him something more than what he is getting, he may just stay for the incentive and Bonus scheme. Infact you have nothing to lose. You are only rewarding the resource when you are being rewarded by the client. Share a small portion with your team and see the difference in dedication and commitment.
4.Show Career Path: You need to show your subordinates their career path and where they should see themselves after a certain period of time. This will make their goal clear and they will adhere to the organization for better growth opportunity.
5.Arrange Regular Training: As a manger its your responsibility to create opportunities for your team members. Arrange trainings so that they can learn and adopt new technologies. May be you cannot give all people same opportunity because scopes are limited but anyone who gets the chance should fight with the peers and win it.
6.Work Environment: Please remember the workplace is not a classroom. Please do not impose such rules and regulations that make them feel they are in school. Make the environment jovial and fun-filled yet with some restrictions so that they can enjoy their work. Allow short breaks, little fun but be cautious that’s not overtaking the spirit of work. Make it “Wao its Monday to Thank God Its Friday”. Practice Team Building programs by arranging short excursions, celebrating festivals and arranging small parties after office. This helps each other to know in a better way and gives the feeling of a family. Thus they will re-think before changing organization.
7.Explore the extracurricular activities: If possible find out the hidden talents among your team members and project it in Annual Cultural Program in Office or other events like picnic and party. These help in gaining popularity and it creates a comfort zone for the employee to stick to.
8.Be a friendly Boss: This is my last tip. If you present yourself like a BOSS then it will make the environment stuffy and your team members will not enjoy working. If you be a friend then they will take you lightly and you will lose your position. So better is to be a friendly Boss who knows how to deal with the situations. I will end this write up with a story of a snake whom God once told not to bite anybody. After few days the snake went to God and said “As I am not biting people are teasing me and throwing stones at me. What should I do?” God smiled and said, “I asked you not to bite but never said not to raise your head if needed” So as a manager you don’t need to bite but of course raise your head if required.
At the end remember very few people leave company just for high salary. Some small appreciations, Token amount of Bonus, Healthy work environment and some motivation may reduce the attrition rate and give you a stable team.
Please feel free to share your views.