With your small business, every baby step feels like it’s worth a celebration. Your first big sale. Your first month operating in the black. Your first positive online review (that you didn’t solicit). And finally, hallelujah, your sales are predictable enough that you’ve been able to hire a couple of employees. You’ve spent weeks scouring resumes, hours conducting interviews with potential candidates, and have chosen the perfect ones. And now, as you face weeks of orientation, teaching about your business, and perhaps costly specialized training, how do you hang on to these treasured employees? After all, as smallbiztrends.com reports, “replacing an employee costs, on average, 20 percent of the employee’s annual salary. So if a worker making $50,000 a year quits, you’ll pay roughly $10,000 to cover the lost productivity costs and then recruit and train someone new.”
So how do you retain good employees?
- Creative compensation. Let’s face it – the salary you can offer may not be able to compete with larger companies. But, perhaps you can offer the opportunity to telework, work hour flexibility, every other Friday afternoon off, or even hire a massage therapist once a month to come in.
Also, pay extra attention to your vacation package. After all – employees of small businesses are unique in that they, by default, carry more job responsibility and personal investment. Recognize and reward that by valuing and increasing their time off.
- A positive work environment. When your work environment is positive, your work is more likely to be positive, too. And when you and your employees report to work in one of Versant’s luxurious and well-equipped Scottsdale offices for rent, your work and conversations are more likely to be productive and constructive.
- Listen well. When you listen to your employees’ ideas and concerns, and put a few ideas into practice, you’re letting them know in no uncertain terms that you value them.
- Be generous – with praise. Some well-chosen words of praise when your employees do a good job cost you nothing, yet significantly improve job satisfaction. Employees who feel appreciated in turn want to do well for you.
- Allow growth. When appropriate, demonstrate your trust in your employees by giving them responsibilities that “force” them to further develop their skills. No one likes to feel that they’re in a dead-end job, and your employees are more likely to stay with you if they feel that they are growing and developing. Give promotions and salary bumps as needed, and your employees will have a job they’re proud of.
For a small business, good employees are worth their weight in gold. Happy employees lead to satisfied customers, which leads to greater success for you. At Versant, our Scottsdale offices for rent and administrative professionals give you the resources you need to hire staff, retain employees and grow your business even more. Call us to find out more about how we can help you, and your employees, do your very best work.