While record-low unemployment numbers and continuing job growth are a net gain in anyone’s book, there is a downside: The tight labor market makes it that much more difficult for businesses of any size to hire the right employees, let alone keep them. This is especially true with brands that may not have the resources to attract high-quality applicants.
While a large company may continue unabated even while losing hundreds or thousands of employees, losing a single key individual could cripple your small business, so keeping your employees is crucial to your future. Offering a competitive salary is part of the picture, but money isn’t everything. The truth is that small businesses can use strategies and techniques that probably won’t work within large companies.
Are you concerned about keeping your valuable employees? Here are four employee retention strategies that make sense for small businesses.
One of the easiest perks you can offer to employees is a flexible schedule. Everyone is busy, and many of us struggle to fit school, family and other responsibilities around jobs. By allowing employees to fit their work schedule into their lives, you help them create a work-life balance that ultimately leads to increased job satisfaction and higher productivity.
Good employees already have the skills they need to do their jobs. The best employees continually build on their skills. These employees are well-positioned to step into leadership roles and ensure a healthy future for your business. Whether you subsidize your employees’ education or bring in experts for on-the-job training, the result will be a more capable, more productive workplace.
Every employee is a crucial part of success in a small business. When your employees go above and beyond to take your business to the next level, they deserve a reward. A profit-sharing arrangement is a great way to accomplish this.
By tying employees’ bonuses to the performance of your business, you’re giving them the motivation they need to excel. You’ll also foster their sense of loyalty and improve your long-term prospects.
Your employees are all individuals. They each have different motivations and priorities, so the approach that works for one employee may not work for another. As a small-business owner, you’re free to address every employee’s needs individually and come up with a plan that makes everyone happy.
These strategies can be summed up in one phrase: “Listen to the people who work for you.” No large business can match the individualized attention that small-business owners can give to their employees. If the requests are reasonable, you can accommodate them. If you want loyal, hard-working employees, show it by going the extra mile for them.