How to Increase Employee Retention
A small business is only as strong
as the person who leads it and the employees that make the vision happen. As a
small business owner, you know first-hand how important it is to retain your
best employees. But sometimes that’s easier said than done.
In today’s economy, some of the best and brightest are always looking for new opportunities that could lead them away from you and your business. But there are some solid steps you can take to hold onto the workers you value most.
Here, we’ll look at how you can increase employee retention in your small business.
Hire the Right Employees
If you want to build a long-term team that will stick with you through thick and thin, it’s important to start off on the right foot. Hire employees that have a genuine interest in what your business does. Be honest with them from the very beginning about what expectations you’ll have and how they’ll be able to grow with your business.
Avoid hiring people who are clearly just looking for “a job.” These workers will leave you at the drop of a hat when another opportunity arises.
Build the Culture of Your Business
You don’t necessarily need to have a cliché ping pong table in the breakroom to build culture. Instead, make it about the kind of employee you’re trying to attract and build a culture around that. Have a set of values that are defined clearly and don’t waver.
Quality, long-term employees are attracted to businesses that stand for something bigger than the business. Brainstorm ideas that can make your business attractive in this way.
Guide, but Don’t Micromanage
Micromanaging employees is one of the fastest ways to drive them out of the door. While most workers do need a certain amount of direction, it’s important to hire the kind of people that also know how to take responsibility for their daily activities. Give your workers the opportunity to learn from mistakes that aren’t detrimental to your business. The best learning comes from mistakes.
As a bonus, your employees will experience a higher level of pride when your business succeeds. This stokes better job satisfaction experiences and keeps them coming back year after year.
Recognize and Reward a Job Well Done
Employees want to feel like they’re valued. As such, you need to make sure they get proper recognition when they’re doing a good job. Don’t feel like the only way to do this is by giving them a large increase in salary or a bonus. Often, recognition in from of their peers can be even more valuable. Bringing on new employees and retaining them can become a costly venture in the beginning. Offset the expenses with a loan alternative: a merchant cash advance. A merchant cash advance from Vader Mountain Capital can assist your business in marketing strategies to attract new employees and can provide payroll support for your current ones. If your small business needs any financial assistance contact Vader, today.