It is well known that it’s much more cost effective for small businesses to retain current employees than to hire new ones. The time and money spent recruiting, interviewing and training new employees adds up quickly and can cripple even longstanding companies. That being said, it is of vital importance to retain your top in-house talent. Start by identifying the traits that are most important to your business. Make designations between which aspects of the job can be taught, and which parts need to come naturally. A good work ethic, punctuality, creativity and organization are common traits of quality workers and in many cases these attributes can’t be taught. When you come across an employee that checks all the boxes, it is in your best interest to do everything reasonable to retain them. Here we’ve outlined several strategies for retaining top talent at your small business.
Outline A Career Path
Promoting from within is one of the top ways to keep your best employees. When a worker displays ambition and a talent for working in your industry, it is important to nurture that ambition. Outlining a career path that outlines a bright future for your employee will help them see their job as a possible career. Opportunity for growth is extremely important, especially for younger generations. A perceived chance for advancement can be enough to keep some people around, but to retain top talent you must nurture and direct their growth.
Provide Fair Compensation
While some people enjoy their jobs, the underlying reason for any type of work is to make money. While it can be tough for small businesses to compete with larger brands when it comes to salary, being too tight with your cash can serve as a major detriment to the reputation and potential growth of your company. As the saying goes, “you get what you pay for”. The same can be said about employees to some degree. Obtaining a high salary may not be the most important factor for many workers, but being paid fairly enough to have a respectable quality of life is.
Offer Valuable Perks
Valuable incentives can go a long way towards retaining employees, creating competition and employee satisfaction. Insurance and paid time-off are two of the top benefits that employees look for and have both come to be expected. Including an extra bonus for doing a particularly good job helps to create loyalty. Showing that you care about your employees has become extremely important in a competitive market. Some small business owners have taken this to new levels with modernized break areas, complimentary gym memberships and even free childcare.
Listen To Your Team
Often times the workers on the frontlines of your business have more knowledge about the inner workings of your operation than current management. Listen to your employees and encourage them to bring you new ideas and observations. Employees are empowered when they see their ideas come to fruition and this will make them feel like they are a part of something. Knowing that their input will be taken seriously gives them a voice, which creates a more comfortable work environment and encourages growth.
Create A Positive Company Culture
Company culture has become an important aspect of all companies big and small. Creating an atmosphere conducive to collaboration, innovation and growth tops the list for many young workers. An enjoyable work experience now ranks up their with salary when it comes to retaining employees. Company events and team building exercises can help improve your culture, productivity and quality of work. As the owner of the business, you set the tone for its culture and you should take steps to shape it into your vision.
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