Ways A Small Business Can Retain Employees
Big businesses have no problem bringing in new blood after a current employee has decided to quit. Their sheer size allows them the luxury of finding employees whenever they please, in addition to their substantial benefit packages. Small businesses, on the other hand, are hard-pressed to find skilled hands when a veteran employee chooses to quit.
How are small businesses supposed to flourish if there isn’t much incentive for their best employees to stay with them? Here are a few tips that small businesses can use to retain the best employees they’ve seen in their ranks:
1. Encourage Communication and Feedback
As the head of the company, one of your foremost duties is the facilitation of communication between staff members and the management team. How do you do this? Some small companies have an annual review, while others may have semi-annual reviews.
Honest and constructive feedback can be about job performance can be shared with your employee, offering methods for improvements along the way. At the same meeting, you can have employees give their honest opinion of the job’s worst part, taking to heart what they suggest for improvement and implementing it.
Create a welcoming environment where employees feel comfortable sharing work issues outside of a review.
2. Be Flexible
The driving factor for an employee quitting is the rigidity of the company they work for. Remember that your employees have obligations outside of work that require equal attention. It is often due to caring for sick children/relatives, repairing one’s home, and meetings with teachers that prevent your employees from working normal hours.
Some companies adopt a “flextime” policy for their employees: “a system of working a set number of hours with the starting and finishing times chosen within agreed limits by the employee.” If you can, adopt a ‘telecommute’ system that can allow employees to work from home when able.
3. Show You Value Them by Getting Them Involved
One of the best methods for employee retention is by getting them directly involved with the business in some capacity. Other than simply working for it, you can have your employees offer suggestions for how to improve certain procedures or solve the major issues the company is dealing with.
By taking the time to ask an employee their opinion, they feel far more valued and are more likely to stay with the business as a result. And whenever possible, allow them to make their own decisions.
4. Make The Job Easier
It does not happen often, but some employees might quite simply because the job is harder than it needs to be. The environment does not allow for optimal efficiency and needs improvement. With feedback from employees, you can update equipment where necessary and foster an environment that promotes a steady workflow.
5. Provide Opportunities to Grow and Learn
It is important that an organization provides its employees with room to grow and the opportunity to do so. Many people seek out positions which may provide on-site training, allowing them to keep their skills sharp. Others might seek financial assistance to pay for college courses.
Give your employees work that puts their skills to the test, showing a clear path to advancement within the company.
6. Create Fun Team-Building Activities
As important as it is to foster communication, that alone is not enough. Team building exercises that help with communication, problem-solving, and decision making are a great way for employees to get to know one another.
With the barriers down thanks to the team-centered activities, there can be a sense of unity that builds morale and helps employees form connections with their fellow workers.
When your team is familiar and comfortable with each other, they can be more productive and effective while still having fun doing it.
7. Acknowledgment and Recognition
Day-to-day work can get too hectic levels, often preventing you from being able to acknowledge your team’s hard work. Employees also want something more substantial than a pat on the back, they want genuine recognition for a job well done.
Employee recognition is important. When they see that their work is noticed and appreciated, it can energize and motivate your team members to stay with your company. Give your employee an extra day off for the year or pay for a small vacation to a nearby destination. Do what you can, as long as you recognize their dedication to the business.