10 Employee Retention Tips for Small Business Owners
Employee turnover can be a real problem. When people are constantly quitting, it means you constantly need to hire and train new employees. And as your business grows, it’s harder to promote from within when few people have been there long enough to have the experience.
Translation? Create a great employee experience that will make them want to stay. Start by using these ten employee retention tips.
1. Culture is Important
Create a strong culture and hire for culture fit. Identify the values you want your business to embody, and seek out candidates who are passionate about the same things.
2. Pre-Screen Interviewees
Screen for people who are too quick to change jobs. A little job-hopping is fine, but if a resume is piecemeal with a few months at one place, and a few months somewhere else, that person might not be prepared to stick around.
3. Check In
Have regular one-on-one meetings. Check in with employees personally once a week or month to see if they’re clear on their job duties, how well they’re performing, and if they have any ideas for how they’d like to grow with the company.
4. Professional Development
Speaking of growing with the company, support your employees who want to learn and make progress! Offer training or provide a stipend for continuing education.
5. Recognize Employees the Stand Out
Encourage your top performers. Unfortunately, it’s often the case that when an employee is competent and efficient, they’re simply expected to handle the brunt of the work. Let them know they’re appreciated, and spread out the load. If they’re often picking up others’ slack, address that with the under-performing employees instead of allowing it to continue.
6. Have a Competitive Edge
Offer competitive pay and give raises. Many employees switch jobs because they can get a higher salary increase that way. Pay them fairly to begin with and employee retention will be much easier.
7. Working Conditions
Allow flexible working conditions. As long as they’re not a retail employee where fixed hours are necessary, let them control their own schedule a little–whether it means four 10-hour days or 10-6 instead of 9-5. Let them leave early from time to time such as on the Friday before holidays.
8. The Perks Work
Offer thoughtful perks. Providing a lunch stipend or free healthy snacks in the break room saves employees money and time. Plan fun company outings now and then.
9. Benefits Matter
Give as many benefits as you can. It may be hard for a small business to have as great of a healthcare plan as billion-dollar organizations, but do what you can. More vacation days are always appreciated too.
10. Appreciate Your Employees
Show that you care. Most of us know the difference between a good boss and a bad boss, because most of us have experienced both. Demonstrating that you really care for their wellbeing goes a long way.
You can step up your day-to-day operations with these employee retention tips. When it’s time to step it up in other ways too, contact Commercial Capital Lending for funding to scale your small business.