Small businesses need their best employees, but keeping up with competition and poor management can become obstacles which lead to turnover.
Good employees are the lifeblood of any business, but a good employer is the beating heart which spreads this oxygen-rich blood (the employees) and keeps the business alive. Losing employees is the last thing small businesses want because it is a costly loss. Replacing an employee costs, on average, 20 percent of that employee’s annual salary. If you own a small business, here are a few small business tips for employee retention and keep your business expanding.
Salary isn’t everything but it is a fairly large piece of the puzzle. If your business cannot give employees a high salary, try getting creative with your compensation methods. Things like flexible schedules, multiple work-from-home days, and non-medical benefits, and performance based bonuses.
No one likes to feel like they are a cog in the dull and expressionless machine that is working from nine to five. Acknowledging achievement is a near-effortless venture that is made easier when you have a small business. By simply saying or writing “Great job! You’re awesome!” (or some variation of that), you can engender loyalty to yourself and the company. This goes double for millennials, who almost seem to thrive off the acknowledgment.
Listen to Your People
Talking to your employees one-on-one can harbor a connection between you and the employee. By asking them what they want or need from their job or company, you can best meet their needs, and in turn keep them under your employment. Don’t wait until it’s too late, lest you want them to use your business to pay the bills while they find something else where they will be appreciated.