How Small Business Employee Retention can go Deeper than Salary
Your business relies on your best employees in order to be able to expand. The talent that you can cultivate is a huge asset, but in order to fully reap the rewards of investing in potential, your business must be able to retain the talent that you help to grow. One of the greatest things about small businesses is that, thanks to the fact that they are smaller and often much more collaborative than corporations they are able to foster a deeper sense of employee contribution and engagement. When it comes to keeping the employees you have worked hard to train, the unique positioning of a small business offers the means of sweetening the pot for talent outside of the money involved in the equation.
Salary is important, but ultimately not the only deciding factor in whether or not an employee will stay. The temptation of a higher paying position will often be enough to induce an employee to wander to greener pastures, however, it’s certainly not the only part of the equation. Highly effective and motivated employees are looking for a combination of factors in the work environment, with salary making up only one of these aspects. Here are some of the areas you can improve within your small business that can help to make a stronger impression on the talent that you have within your organization.
Growth potential. A highly talented person will not only want to ensure that their compensation has the potential to grow, but also that they will be able to take on a progressively more integral role within their departments and be able to continue to acquire skills and expertise in their fields. Being clear with your employees that, should they choose to stay, there will be opportunities for growth for them will help your efforts to persuade them that they have a future within your organization.
Sharing direction and decision making. Your higher level employees want to know where your business is headed, and they will also be likely to have ideas about how the business can continue to grow and improve as well. Be open to your employees about what you are planning, and lat them contribute their own expertise. The more that they feel directly involved with shaping the company’s future, the more likely it is that they will want to stay to play their part in directing the growth of the business.
How is your company culture? Are your employees able to feel that they belong? Yes, a business is primarily about making money, but in the end, it should also be a positive experience to come to work and the culture and relationships in the office should be positive if you are planning on keeping your more experienced team members. The fact that they have skills means that they will only stay if they are comfortable with their roles in your organization and their relationships with their co-workers. It is a good idea to promote bonding and a positive culture in the office through bonding events outside of work, or in work perks for employees. Experiment and be sure to ask what your employees would like to see when attempting to improve your office culture.
Are you able to meet your employees half way regarding lifestyle? The more that you are willing to work with your employees regarding their ability to happily balance work and their personal lives, the more they will feel committed to your business. A little bit of flexibility with employees who are already high performers can make the difference between them wanting to search for greener pastures and feeling grateful to have positions that work for their lives.
Photo Credit to University of Salford Press Office on Flickr