Tips For Better Retention
Most small business owners have fully developed the skill of interviewing and streamlined their hiring process. While choosing the best candidates is important for building your employee team, it’s also important to retain employees, especially your top performers. All too often, exceptional employees will leave for other opportunities without much explanation as to why. Here are some tips on how to keep valuable employees on board for the long haul.
You need to offer a generous benefits package that fits the needs of employees. This includes health insurance, life insurance, and a retirement savings plan. You might even consider the option of telecommuting if it works with their position. Allow employees to choose which of these benefits they want to take part in. It doesn’t hurt to provide small perks such as free sodas and snacks, and a game table such as air hockey for short breaks will go a long way to make employees feel valued and comfortable.
Promote from within whenever possible, and give employees a clear advancement path. If possible, offer training for a new job skill or tuition reimbursement to encourage employee growth. It’s also important to hold regular meetings between employees and management where they can offer ideas and always communicate your business’ mission and goals. You should also offer some financial rewards such as stock options for employees who meet performance goals and meaningful annual raises. Finally, allow ample time off for things like the arrival of a new baby and offer some vacation and sick days to those who have been with the company for a year or more. Always make your expectations clear as well.
Follow these tips as best you can for your small business and employees should want to stay for a while. Evaluate which of these things you are already doing well and where you can improve.