Strategies for Retaining your Small Business’s Top Talent
In in article from Newsfactor.com, the trend of employees leaving their job was looked at in relation to small business. The article presented a case study of a business fighting to keep an employee who represented over a quarter of the business’s revenues. In the end, the owner of the business made their employee an offer to come aboard as a partner in order to avoid the potentially catastrophic loss of their top performer.
Know what’s going on with your employees and where they picture themselves going with your business. If you have a great employee on your team, but they don’t feel like they are being challenged, it is likely that they will seek out a new environment that gives them opportunities that are on par with their skills and ability to learn. In order to avoid losing an employee because they want to do more, make sure that you are keeping tabs on your top performers and communicating with them regularly so that they can continue to progress and make contributions to your business. You might also want to clarify rewards for high level performance to them in order to give them something to keep working towards in the long term.
Consider allowing your best employees to buy in. Nothing makes someone more invested in a business than owning it and having a real stake in its future. if you have an employee who is clearly dedicated and talented, consider creating a track that would allow them to become a partner. In the case study above, the owner of the business couldn’t afford to lose their top performer and so made arrangements to turn them into a partner. The reason why the employee was leaving in the first place was to open their own business. By stopping the employee from leaving, they not only managed to keep their top earner, but now have the means to channel the passion of their star employee into growing their business as opposed to growing a competing one.
Set goals that support your employees. When planning the goals of your business, do you think of yourself only, or are you also thinking of ways to reward your entire staff? The goals that you set should ultimately take into account your entire business, from the equipment that you use to the benefits you provide for your employees. The more clearly linked your business success is with the benefit to your staff, the harder they will work and the more loyal they will remain, seeing that their interests and those of the business are clearly aligned. Bonuses, vacation days, promotions and merit based rewards are all powerful motivators that should be included in your overall vision of business growth.
Create a strong company culture. If your employee loves where they work, they are going to be a lot less likely to leave, even if they are making less than they might be somewhere else. In order to inspire this type of loyalty, you need to be sure that you have a company culture that makes your employees feel comfortable, engaged and appreciated. Especially as your business grows, you need to make sure that the direction it is moving in is one that preserves what makes your business unique and a great place to work.
Photo Credit to Link Humans on Flickr