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1. Research the going pay rates for staff in your sector and ensure that your rates at least correspond
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2. Be aware that simple pay increases only retain staff in the short term
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3. Financial inducements should be performance related in the form of bonus schemes
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4. Financial rewards or other benefits in kind should be offered to high performing staff during given periods
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5. Offer clear career paths to staff – even in the smallest companies there is room for promotion, particularly as the business grows
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6. Staff should be encouraged in external training and education through financial assistance and time off
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7. Get to know valued staff and what motivates them in order to keep them satisfied
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8. Staff should be consulted regularly on how the business and their jobs can be improved – maintain good communication
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9. Regular company-wide social activities should be organised in order to boost morale
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10. Overall try to ensure that your staff are sufficiently challenged by their work and properly rewarded for their efforts
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Related Article: 5 Ideas on Effective Delegation
Please call Noel Murphy today on 083 015 3313 if you need further information on successful staff retention or a consultation.