Status Labs CEO Darius Fisher knows how vital it is to retain employees that consistently go above and beyond in their efforts at his company. Employee turnover can be very costly says Fisher. Just look at some stats that say replacing a highly skilled employee can cost up to 400% of an annual salary. Even entry level employees can cost around 30-50% of annual salary to replace. High employee turnover can really cost a company and make a dent in their profits. The founder and CEO of Status Labs says he uses incentives to motivate employees to perform above expectations and also makes sure that employees are happy at his firm. The young entrepreneur shares some of his tips to retain employees below.
Fisher says he constantly offers incentives and other goodies for employees to finish projects on time. We all like to be rewarded for our hard work, and Fisher puts this belief into practice at his firm. He gives people extra vacation days, paid holiday trips and music concert tickets for completing assignments on time. This approach goes far says Fisher at Status Labs. Knowing what employees like and appreciate is important the CEO states. If people enjoy yoga, than give them a yoga class pass. This will keep the employees happy.
Another way that Fisher fights employee turnover is by giving recognition to employees that close major deals or finish projects ahead of time. “You can be sure that if an employee does something big for the firm or a client, he will be recognized for their achievement and contribution to the firm.” Fisher reiterates that we all love to be recognized for a job well done. Darius Fisher constantly does this and it really helps company morale and employee satisfaction when people are rewarded and recognized for achievements.
Darius Fisher co-founded Status Labs in 2011 alongside former partner Jordan French. Before starting Status Labs Darius Fisher worked as a political consultant and professional copy writer. He graduated from Vanderbilt University with a bachelor’s degree in Economics. Fisher combined his talents in public relations with digital marketing to create Status Labs, now a leading online reputation management firm.