The Secrets of Small Business Employee Retention
Small businesses often experience high turnover rates, but it doesn’t have to be that way, especially with these small business employee retention secrets.
Great employees are the lifeblood of all small businesses. Losing employees is a concern for small businesses because it means having to find a new employee, train them, and wait for the experience to kick in. It’s a process that takes time away from other employees and ultimately costs you productivity and money. Here are a few secrets on how your small business can retain its employees for a long time.
- Acknowledge Achievements
Money is nice, but people also want recognition for a job well done. Given the size of their company, most small business owners know all their employees by name and have a general understanding of their daily work. A simple verbal, “Great job!” or “Keep up the good work,” can make all the difference. This goes double for Millennials, who almost thrive on these acknowledgments.
- Get Creative and Stay Competitive
It may be difficult for small businesses to beat the salary of bigger companies, but what you lack in paycheck force you can make up for in creativity. You can supplement their paycheck with bonuses, treat the office to an activity, and even give them work-from-home days.
- Listen to the People
You need to regularly ask your employees what they need and want from their jobs. These conversations can happen during a formal review or casual lunch. Knowing what your employees need and want, and finding some common ground will incentivize them to stay. If you don’t know what they need or want, they will definitely find it elsewhere.
Retain your clients with these top-notch secrets. A quality business insurance can help keep your business safe from any covered perils. Call Remland Insurance today for additional safety information or to update your California business insurance policy in Orange County and surrounding areas – 714.532.3341