As a small business owner, you know how hard it is to attract and keep highly qualified employees. Incorporating a few of the following ideas may help your efforts.
1. Offer an Attractive Benefits Package
One of the best ways to reward employees is through a comprehensive pay and benefits package. Start by developing a competitive and increasing pay scale so that employees can see, in black and white, what they will receive now and in the future. Bonuses and profit sharing are also attractive cash-oriented incentives that can encourage employees when business is doing well.
Many employees also look for a comprehensive benefits package. By talking with a health insurance broker Utah businesses can find a plan that meets employee needs and company finances. Paid time off, life insurance benefits and wellness programs are a few other popular options you might want to include.
2. Invest in Employee Training
No matter how much experience and education a new employee has, additional training will be needed to get him started on the right foot in a new company. Without it, a new employee will likely flounder and become frustrated. Take the time to develop a complete onboarding process that may include features such as:
- One-on-one mentorship with another employee
- Computerized or classroom training for job-specific functions
- Routine check-ins to ensure everything is going smoothly
It may also be beneficial to consider offering continuing education opportunities for existing employees. This can help them stay on top of workplace changes and meet any licensing requirements. Another consideration is to provide incentives for higher education. This type of benefit may take the form of tuition reimbursement, discounted tuition at a local college or loan repayment assistance.
3. Consider Flexible Work Schedules
Flexible schedules and work arrangements are increasingly important to workers, and they are something you should consider if it is possible to incorporate them into your business model.
For many, this means allowing remote work locations or not tying employees to a preset schedule. However, genuinely flexible arrangements like that are rare, and most potential employees are happy to work out something a little more traditional.
Keep in mind that not every business can offer things like remote work. However, you may be able to provide a four-day workweek or allow employees to have input into what hours they work.
4. Improve Internal Company Culture
Very few people look forward to heading into a toxic work environment daily. Unfortunately, that is a reality for many workers. Taking steps to remove toxicity and improving internal culture can go a long way to improving morale and reducing turnover. Investing in management training and investigating any complaints are a few steps you can take to get started.
Company culture can also include the causes that your business supports. Social awareness and activism are increasingly important, especially among younger employees who want to align themselves with companies with similar values.
5. Incorporate Employee Input and Feedback
Complaints aren’t the only employee feedback you should be listening to. Take time to ask for and discuss employee ideas and suggestions. This helps in several ways. First, it empowers individual workers and helps them feel seen. It also provides insight into daily operations that you may otherwise overlook. Finally, if you do implement a suggestion, be sure to credit the employee who made it.
6. Provide Opportunities for Advancement
The days when employees automatically stayed with one company throughout their careers are long gone. Younger employees will frequently move from one company to another for better pay, advancement opportunities or value alignment. Providing employees the chance to grow within your company may help stem some of this loss.
Be upfront with all new employees about potential career paths open to them. Then, work to develop talent and promote from within the company when openings arise. Doing so reinforces your commitment.
7. Explore Why Employees Leave
Maybe someone quits via email and never responds to requests for information. In that case, you may never know why they left. Alternately, you may fire an employee, in which case you are probably all too aware of why that person left. Either way, the reasons employees leave their positions is valuable information that can help in retention practices.
In many cases, an honest exit interview can provide insight into what your company did right and wrong in the eyes of departing workers. Use this information to make changes that improve working conditions.
Retaining top talent is one of the biggest challenges small businesses face. However, investing in things like competitive wages and benefits, employee training, and improving company culture can help.