How Can Small Businesses Improve Retention?
Any business — large or small — can take a financial hit when turnover starts to rise. When unhappy employees jump ship, nobody benefits. Replacement can be a hassle, hiring costs can be prohibitive, and with every passing day that a position stands empty, productivity stalls. Even morale and team engagement can suffer when a workplace develops a revolving door.
But while large companies can often ride out these difficulties, smaller companies can collapse under the weight of a weak retention strategy. If you’re a small business owner and your employees are slipping away, what can you do? These simple moves can help you boost employee loyalty.
These are the easiest words in the world to say, but they aren’t always easy to apply, especially when your long-term employees make expensive mistakes or your new hires disappoint you. When your teams need a boost or a break, reaching out and taking care of your people may seem like a chore, especially when you’re the only one available to pick up the slack. But do it anyway. Studies consistently show that a tightly knit culture keeps employees loyal when the going gets rough. Even when pay stagnates and conditions aren’t perfect, employees will stay if the company feels like a family.
Give everything back
Pay your employees as much as you can afford. Don’t put personal profit ahead of salary. Remember: your most valuable resources are your human resources, and no office equipment will bring a higher ROI than a dedicated and talented employee. If you underpay your teams, expect to lose them. You may collect a few dollars over the short term, but don’t be fooled. Fair pay and financial stability go hand in hand.
Competition can be a strong motivator, but only encourage external competition with other companies and outside entities. Don’t push your employees to compete. Your employees should feel motivated to build each other up, not tear each other down. At every opportunity, reinforce the idea that you’re all on the same side.
Your employees may love working here, but they also have complex lives, educational interests and multiple demands beyond this workplace. Respect them as people, not just employees who serve your company. Chat with them, listen to them, and pay attention to their needs and interests.
Work with a Top Recruiter in Scottsdale
If you are looking for the right talent that you want to retain, reach out to the top Scottsdale management recruiters and contact the ACCENT Hiring Group.