As a small business owner, one of your main concerns is how to retain your top employees. You’ve spent months or even years grooming your employees to fulfill their highest potential. Now you can see the risk in having them leave, right when they provide the most value for your business.
According to the U.S. Bureau of Labor and Statistics, nearly two million Americans quit their jobs each year. Don’t let this alarming statistic impact your small business. As the following article shows, consider 5 ways to retain your best employees so your business can reap the benefits of your own investment.
1. Provide ample opportunities for advancement
One top reason that people quit their job is to advance in their career. If you provide plenty of higher ranking and better paying opportunities for career-minded employees, you’ll be able to entice employees to move up within your company instead of looking elsewhere. Even small pay raises, along with better job titles, can be enough to discourage employees from re-entering the job market.
2. Cultivate employee loyalty
Employees who feel a sense of loyalty to you and their fellow employees are less likely to abandon ship just when their experience and skill level is at full sail.
3. Build a team mentality
When projects come up, instead of assigning one person to complete everything, break the project down into tasks and create a team to bring it to fruition. This will build camaraderie and a sense of accountability for each team member.
4. Intertwine your brand with theirs
Consider forming a sports team where your small business competes against other local small businesses in a friendly game of baseball, hoops, soccer, bowling, etc. If your town doesn’t have such an organization, you can work with the local chamber of commerce to create one.
5. Keep it family-friendly
Don’t ignore the fact that many of your employees have families. Instead, celebrate the family unit with events such as company picnics, dinners at local restaurants, company-sponsored nights out to see entertainment like circuses, musical events, etc. This shows that you recognize your employees as well-rounded individuals with full lives outside the office.
Provide a company bulletin board so proud parents can display family announcements like upcoming graduations, honors, certificates, photos of their kids, and even donation requests for Girl Scout activities, Cub Scout fundraising efforts, and more. The more opportunities you make for your employees to share the things that are important to them, the more they will realize how much you value them.
In the end, employees want to be as happy at work as they are at home. When you provide stable employment at a fair wage, you are offering the bare minimum as a small business owner. Go above and beyond, and make your business a place of employment that your employees can’t resist. Give them enough reasons to be excited about working for you, and you’ll almost never have to worry about them leaving.
Author: Kate Supino is a freelance writer covering a wide variety of topics including small business and finance.
Published: October 20, 2014