Employee retention is a no-fail affair for small businesses. After all, employees are the heart and soul of your company. They do the lion’s share of the work, interact with customers, and drive sales and profits. Keeping good employees is a critical task for any small business owner. Here are four tips that can help improve your employee retention rate.
Workers often value recognition for a job well done more than pay or other benefits. If you want to improve your employee retention rate, create a workplace environment that recognizes their contributions. As a manager, take the time to single out and congratulate employees for exceptional performance. Celebrate the achievement of major career milestones. Overall, work hard to design award systems and ceremonies to show employees you appreciate their hard work.
Great employees don’t want to be told what to do; they want to exercise their own judgment and creativity to accomplish the mission. If you want to retain great employees, give them as much authority and agency as you can afford to. Empower your high-performing employees to make key decisions. This will increase their overall job satisfaction, and make them more likely to stay on for the long haul.
Don’t get Distracted
No matter how busy your company gets, keep management focused on employee retention issues. The welfare and satisfaction of your workforce should always be a top priority. Consider outsourcing less critical but time-consuming tasks if they are becoming a distraction. VerifiaBill’s services, for example, can help manage insurance costs for you, so you can focus more on your employees.
Hire the Right People
One of the best ways to increase employee retention is to hire the right people from the start. Take your hiring process seriously. Don’t only find the best people for the job; look for people that will fit in with your company’s ethos and culture as well. Interview and screen your prospective new employees carefully. While this may be time-consuming, a serious effort up front may help improve your employee retention over the long-term.
Retaining great employees is critical to your company’s success. As a manager, are you focused enough on this key task? If not, consider these four tips, and start working to retain your best employees today!