It takes a lot to attract the top talents in your industry; however, that’s only half the job. The second half lies in working to retain them. Let’s face it, the latter can be daunting and seem to adversely affect your company’s operations by detracting from focus on profits. However, it costs time and money to replace your most valuable employees when or if they leave. Furthermore, until your company finds replacements, operational capacity will take a hit, and existing workers will have to carry the extra workload. On that note, here are five vital tips for retaining your best employees.

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Employees are easily one of your greatest assets as a business owner. But they can also be a significant liability. That’s why it’s important to be prepared for the problems that they can cause in your company. Here are some of the issues that you may need to address.

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Employees need recognition. Studies show that employees who are regularly recognized for their effort and achievement are more productive, more loyal, happier and generally more satisfied with their work than employees who don’t feel seen or valued.

Still, not all recognition is created equal. Plenty of attempts to recognize employees fall flat, perhaps resulting in the opposite effects to those listed above. If you are noticing that your employee recognition program isn’t creating the motivated and committed workforce of your dreams, you might be making the following mistakes:

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