Improving employee retention is a key issue for many small business owners today. When employees stick around and work for your company for a long time, they not only cost less over time compared to hiring new employees more often, but they will also be able to get very familiar with your company, help your business grow and often become a crucial member of the team. Retaining employees can be harder than you think, especially today, with more and more employees not prepared to stick around in a job role that they are not completely satisfied with. As an employer, focusing your priorities on employee satisfaction allows you to encourage your workforce to remain loyal to your company. You need to give your employees a good reason to stick around rather than looking for job openings with your competitors. There are many small and large factors that contribute to employee satisfaction and ultimately employee retention. These are:
Consistent and Reliable Payments
First things first; keep it simple and make sure that your employees are being paid on time. While there are many reasons why people choose to do a certain job and reasons behind why they enjoy that type of work, the main factor for many employees is to get paid. And, even if the pay is not as important as being able to do a certain type of work to an employee, not many employees are going to be fine with waiting around for their wage or being forgotten about on payday. The best way to ensure consistency and reliability when it comes to paying employees is to work with a payroll services company. For example, G&A Partners offer payroll administration services that will make the process run like clockwork and provide peace of mind for both you and your employees.
Opportunities for Growth
Today, many employees are looking for work that can take them to the next level in their career. If you want ambitious and talented professionals to come and work for you, then you need to be able to provide a work environment for them that not only encourages them to thrive, but provides them with the resources that they need to climb the career ladder and reach their goals. Along with making a commitment to always promote from within wherever this is possible, it’s a good idea to focus your efforts on making sure that your employees have every opportunity to improve their career path while working for you. This could include tuition support programs for employees who want to get a college degree, on-the-job training programs, paid-for industry certifications, and more.
Offer Attractive Employee Benefits
Along with paying a competitive and generous salary to your employees, an appealing employee benefits package can also help you to attract more of the top talent and give the best professionals in the industry a reason to consider working for your company rather than your competitors. Today, employees aren’t just looking to get paid for their work; they also want to know what makes your company stand out from the rest and what extras they can get for choosing to work for you rather than elsewhere. For example, offering health insurance is a great way to not only attract great candidates for your roles but also retain employees who might think twice about going to work somewhere else if they are not going to get the same benefits for conducting the same kind of work.
Provide a Flexible Work Schedule
Flexibility is one of the top things that the best employees are looking for today. Compared to companies that have set in stone schedules, most employees are going to find a role where they can be flexible about when they work much more appealing. Not only does flexible working hours give employees peace of mind when it comes to their families, but it can also improve productivity in the workplace, particularly if employees have the option to choose their working hours as long as they get the necessary work done and meet their goals for the day. Workplaces are rapidly moving away from measuring success by the quantity of hours worked, to looking at the quality of the work completed.
Prioritize Communication and Involvement
Employees who feel that they play a key part in the business that they work for and are involved in as much as possible tend to be more productive, motivated, and easier to retain compared to those who are kept in the dark. Many employees who stay at the same company for a long period of time do so because they feel that they are playing an essential role in the business and have a say in many of the decisions. Since your employees are on the front line of your business and a key part of the company, involve them in as much as possible. While some employees might not be in a position where they can make key business decisions, simply getting their input and taking their ideas on board can make a huge difference to how satisfying the work they do is for them.
Recognize Talent When You Have It
All too often, employees quit their jobs because they feel that their talent is going to waste. They know that they are good at what they do, but their employer simply takes it for granted, or is consistently overlooking them in favor of others. While there are always going to be times where somebody else might be a more suitable fit for certain types of work, it’s important to recognize talent when you’ve got a good employee working for you, and make sure that employees know that. Employees who feel valued, seen and appreciated for the work that they put in and the results that they get are often more likely to be satisfied where they are and happy to stay.
High employee turnover can be extremely costly to a small business. Not only do you need to cover the cost of hiring, but you’ll also need to cover onboarding and training. Keep these tips in mind to improve employee satisfaction and encourage employees to work for your company for longer.