Running a business entails so much more than making a profit. Some of the hardest parts are those that do not directly affect profit, but over time can make a huge impact. In fact, over time some of these things can break a business into if not handled properly.
One of these factors relating to this is employee turnover and retention. This includes hiring, and keeping, the absolute best employees possible. Nothing is certain, but when you come across those winners that are true assets to the business, do the best you can to keep them. Here is how:
This is critical to keeping good employees. You have to pay them fairly. They must feel that the effort they put forth is worth the return. When workers feel that they are paid fairly, their work quality and ethic will start to suffer. That is, if they stay — they probably won’t hang around for long.
What is fair? While minimum wage is legal, depending on age and experience, it will not keep many workers happy. If you pay the minimum, you will typically receive the minimum.
Paying fairly not only means starting out fairly, but continuing to pay fairly throughout the duration of employment. Eventually, they will stop working harder if there is no promise of better pay for doing so. The potential for raises is essential to keeping great employees.
While fair pay is the greatest show of appreciation for hard work, using words and other rewards to show appreciation is typically well received. This may buy a business owner some time if a pay raise is not possible. Letting the worker know you see their work and appreciate it is vital.
Don’t just use generic terms. Cite specific details of exactly what you noticed about their work that you feel is a great asset to the business.
Offer employee appreciation lunches, gift certificates, or just and Employee of the Month award. These gestures can go far.
Most employees are hired knowing their working hours. Despite best intentions however, life happens. If employees are not in constant fear of having to change hours or make minor adjustments in schedules to balance life in general, they will be much more likely to stick around.
There are limits in flexibility based on the type of business, but allowing for minor schedule changes, a shift in lunchbreak times, or the ability to switch shifts can be hugely helpful.
No matter how great the pay is or how awesome the job is, most employees aspire to move up. If there is no opportunity for upward movement, it is going to be hard to keep the best employees happy.
Do what you can to help them move up in the business, and if this isn’t possible, work on it. Determine if whether they can attend training of any sort, take classes, or help in other ways to help make it possible.
If you cannot offer fair pay, flexibility, and opportunity, all the appreciation in the world will not keep them around forever. Turnover happens, but keep your best employees as long as possible by following these guidelines.