When you are running a small business, your employees are crucial to your business's success. If you do not know how to recruit and keep employees, you are likely to experience the repeated stress of onboarding and offboarding new team members. To avoid the knowledge drain that comes when a valued employee leaves your business, make your business a great place to work and do the steps required to keep employees.
If your business is experiencing high employee turnover, you need to take a hard look at why your employees are leaving. Key reasons for employee turnover include lack of appreciation, poor management and low compensation. Many businesses are working hard to do more with less, but if your employees are bearing the brunt of that burden, it is time to rethink your human resources strategy.
If your employees feel underappreciated, consider bringing in extra rewards such as a team pizza party for a job well done. Even something as simple as a handwritten card that reads "Thanks for going the extra mile" can do wonders for employee morale.
If your employees are leaving due to management issues, it is time to take a good look in the mirror. Are you delegating tasks appropriately? Are you communicating with your employees in a way that allows them to complete their jobs without feeling as if they are being micromanaged?
Consider taking a management course or having your management skills evaluated by a professional consultant. As Fox Business notes, learning how to effectively communicate with employees is one of the best ways to keep employees and grow a strong team.
If your employees are moving on to seek better compensation, consider restructuring your compensation and benefits to keep employees with your business longer. If you cannot give pay raises, give extra vacation days or similar less-costly benefits. Keep in mind that as long as your business's compensation remains below industry standards, you are likely to lose your best team members to better-paying jobs.
Just because you are working to keep employees does not mean you need to keep every employee. If an employee is underperforming, letting that team member go opens up a slot for a higher performer. Part of running a strong business is giving people opportunities to learn and do their best, but if a person's best is not good enough, letting that employee go is a smart business move.
Learning how to retain top talent is one of the most important lessons involved in running a small business. Use these tips to keep employees and improve communication and morale among your entire team. Do not let your strongest team members leave your business for your competitors. Instead, work to create the best possible workplace so that your employees choose to stay with you.
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