7 Tricks on how small Businesses can retain their Employees
The single most essential component, which also happens to be the most expensive part of running an organization is its employees. If you have good, hardworking, and loyal employees, then it makes sense that you want to do everything in your power to ensure that they are happy and comfortable.
This means offering them perks such as benefits, bonuses, 401K matches and fully paid for vacations- all of which costs money. Your employees are pricey from the get-go. Simply bringing a new employee on board can end up costing you thousands. This means that if that employee leaves, it will take you some time before you can recuperate your losses.
But what if your biggest earners opt-out? The best of the best in your team? Such employees are simply priceless; unreplaceable. When a good employee leaves, it can have a snowball effect on the morale of other employees causing issues in internal as well as external relationships which can be extremely debilitating.
To prevent your brightest and best from leaving, here are 7 tricks on how small businesses can retain their employees:
Start by hiring the right people for the job
If you want to retain your employees, start by hiring the right people for the right posts. You can find the right people to hire using a combination of behavior-based testing and competency screenings.
The right person, in the right post, under the right supervision is often the baseline for successful organizations. When hiring, you have to make sure that the individuals vying for the various positions must cope with the demands of the job, as well as fit in well with your company culture.
When your team is doing everything to go above and beyond for your organization, recognize it by giving them a well-deserved promotion. Not only will this keep them motivated to keep being excellent, but it is also a great way to tell the rest of your staff that you are appreciative of their extra efforts and that you notice whenever they produce the kind of results that make a difference.
When employees get passed over for promotions, especially when they know that they deserve it, it usually serves as a wake-up call for them. If there is a chance that they cannot break through the ceiling, they will look for other ceilings to break through.
It is important to be real with your staff about what you can offer, as well as what they can do to better prepare themselves for a promotion. Sure, some of the conversations that you need to have may be difficult. However, if you aren’t being open and honest, you might be doing your business and employees a big disservice.
Give your staff opportunities to grow
If your employees start to feel as though they have hit the wall and don’t see opportunities for advancement in your organization, they will begin to look for opportunities elsewhere. However, if you offer them opportunities to advance their skills and progress in their careers, they are more likely to stay and remain loyal to your company.
To retain your employee, you need to offer them viable career development and mentorship opportunities. And these are not just essential for retaining your current teams, these prospects are exactly what prospective talented employees search for before joining an organization.
Manage your team with trust
If your employees trust your leadership and they believe that you are leading them in the right direction, they will be less likely to leave. Open communication is by far the easiest way for leaders to establish trust with their employees. Leading your team with trust means that you won’t have to rely on power or threats to force your team to do what you need them to.
When your motivations are self-driven and opportunistic, your employees will sass it out and they will be less likely to give you the support you need moving forward. Trust is the only thing that can help you to persuade your staff to work alongside you in a collaborative spirit.
Create a positive work environment
If you want your staff to stay with you for the long haul, work on creating an environment that makes people feel comfortable, welcome, and included. Your work environment should also celebrate diversity.
Today’s employees also want to enjoy going to work. Consider looking at various ways in which you can elevate your office environment and make it more fun and attractive. As seen on pingpongetc.com, some of the things you can consider adding to your space include onsite fitness centers, add a ping pong table to your breakroom, free memberships to meditation apps, and so on. If your workplace has such great amenities, employees won’t dread coming to work daily.
Give work-life balance a priority
Work-life balance has never been more important than it is today. You need to acknowledge that your staff has a personal life outside of the workplace. That means that if you are slave-driving them, making them come in early, and forcing them to stay till late, then they will inevitably start looking for opportunities that can give them the flexibility that they need.
Give your employees options that can allow them to maintain a balance both at work and at home. Offer them opportunities for them to work remotely and offer them flexibility.
Open the lines of communication
A lot of bosses fail to realize the value of communication with their staff. Your employees want your feedback; they want you to notice them. What this means is that one-word exchanges with your employees at the lift will not cut it anymore.
Learn your employee’s names, their hobbies, whether they have families, where they live, and so on and forth. When you take the time to learn important things about your employees, it shows that you value them. And if your employees feel valued, they will stick with you like glue.
Young people today don’t approach employment the way their parents used to. Things are done a little differently these days; the modern workplace has evolved and employee happiness is a thing now. As such, hopping from one post in pursuit of the perfect opportunity for one’s lifestyle, needs, and wellbeing has taken center stage.
That’s why it has become so essential for employers to keep their best employees happy. If your employees have everything that they require, have opportunities for advancement, and are comfortable, then they are less likely to leave.
The last thing any employer wants is to find goo employees only for them to leave their posts after a couple of months. So, if you want to keep your employees, these tips should help you do just that.