In many cases, small businesses need quality employees
in order to operate. But, in today’s tough labor market, it can be challenging to retain them. With more job openings available
than unemployed people, many jobseekers currently have the upper hand when it comes to choosing where to work. And that goes for your employees as well. If they aren’t happy in their current role, it could be easy for them to find employment elsewhere.
As a small business owner, you want your employees to stick around, especially after you’ve invested significant time and money into them. But how do you do it?
Here are some tips to help retain your valued employees:
1.) Understand the Things Your Employees Value
Understanding the needs of your employees is important. What do your workers want and value? It may surprise you to learn that many employees list “feeling appreciated” as a top need at work. Your employees want to know that the work they do is valued and appreciated, and that they are contributing to the overall success of the company.
Other top employee concerns include fair compensation, health insurance, paid time off, life insurance, and retirement plans. It’s a good idea to routinely review the benefits you offer your employees. As your business grows over time, you may be able to offer more robust benefits to help retain your employees.
2.) Provide Proper Training and Set Clear Expectations
One reason why employees leave is a lack of training and support. According to a 2018 survey by recruiting firm Jobvite, a whopping 30% of new hires don’t make it past three months at a new job. A survey by BambooHR looked into why employees quit so shortly after being hired, and found that 23% of respondents claimed they didn’t receive enough direction around their role and responsibilities, and 21% said they didn’t receive enough training. If your employees do not receive the support they need after you hire them, they could easily become overwhelmed or disinterested in the position.
Be sure that your employees know what you need them to do but also what you expect of them in terms of the quality of their work and the finished product. When you set clear expectations for being on time, communicating, and meeting productivity goals, you lessen the risk of employee frustration and stress.
3.) Recognize Your Employees
Employees are likely to leave their jobs if they do not feel appreciated. A study by Robert Half Talent Solutions OfficeTeam reported that 66% of employees would quit if they felt undervalued. Considering this stat, it’s important to recognize your employees and show your appreciation for the work they do. Here are some employee recognition strategies to consider:
- Publicly highlight a job well done
- Be sincere in thanking your employees for the work they do
- Recognize employee job anniversaries, birthdays, and life milestones
- Send company-wide emails about employee accomplishments and promotions
- Host informal meetings or lunches during work hours to celebrate completed projects, accomplished goals, or just to connect on a personal level
4.) Foster Employee Development
Most employees want to know that there is an opportunity for them to advance in their current role. They want to know that they can move up, do more, contribute to the greater good of the company, and achieve big things by being employed by your business. Providing opportunities for your employees to gain new skills can go a long way. Don’t be afraid to have your employees explore new responsibilities or test new strategies for ways of doing things.
Working with your employees to establish a personal development plan and outline long-term objectives for their role can help them see a future for themselves at your business. Just be sure to be honest with them about their potential at your company, and help create the learning opportunities they’ll need to achieve their workplace goals.
Employee retention is something that all businesses should care about and invest in. And it’s not just business owners that need to be on board. Ensure that your supervisors, managers, and employee-facing staff are on the same page about keeping employees happy. Taking the time to properly train your employees, outline expectations, and provide them with the recognition, benefits, and compensation they deserve will do a lot to help overall employee morale and retention.
If you’re a business owner in MA or RI who is interested in learning about HR solutions and employee benefits to help bolster job satisfaction, contact BankFive today.