4 Ways to Retain Talent at Your Small Business
Finding the perfect employees for your business is not easy. Once you’ve found them, retaining this talent is the next step you should focus on. High employee turnover rate is expensive and resource draining, as hiring a new person comes with hefty recruiting and training expenses. We’ve put together a few important points to consider when implementing your employee retention strategy.
Don’t rush the hiring process
It’s essential to invest time in getting to know each candidate before signing the contract. While work-related skills and experience are important, don’t forget to pay close attention to the candidate’s personality traits. Think how a new person’s personality will fit with the rest of the group. For a small business to run like a well-oiled machine, it’s necessary for the employees to get along well. During the interview process, try to assess the candidate’s character by asking a series of personal questions.
For example: “How would your friends describe you?” or “How would you handle a conflict with a colleague or a client?”
Have another employee who you trust do the interview with you–two heads are better than one. Introduce a potential new hire to the rest of the team and encourage them to ask questions and share their opinion afterwards. This will help with two objectives: obtain useful feedback from your colleagues and show them that their opinion and input are important to you and will be taken into consideration.
Recognition goes a long way
Appreciation is one of the basic human needs. A few encouraging words can go a long way when it comes to increasing employee satisfaction and lowering attrition rates. Take every opportunity to celebrate your employees’ success as it’s vital in forming a positive work environment where your staff members feel valued and appreciated. Happy employees perform better; they contribute new ideas and take the initiative to execute them.
Take pride in your people’s accomplishments, both big and small, and they will stay by your side for the long term.
Focus on well-being
The well-being of your team has a serious impact on employee engagement and retention. Offer weekly on-site yoga classes, allow working from home or having flexible hours when needed, put fresh fruits from the local farmer’s market around the office daily. These little things won’t go unnoticed.
Organize social activities to help the team to get to know each other on a personal level and even form friendships. Your employees spend a big part of their lifetime at work, so making it feel a little bit like home will give them more incentive to stay.
Promote professional development
One of the challenging aspects of working at a small business is the fact that there are often not enough opportunities to grow professionally. When that’s the case, you can still help your employees grow by providing free access to various training programs. It could be training on important industry-related subjects or emotional intelligence-related topics that will enable your employees to enhance their productivity and improve performance. With a little encouragement and investment on your part, your employees can master Excel or advance their project management skills. This feeling of accomplishment from acquiring new skills and knowledge is a direct contribution to job satisfaction.