Retain Your Top Employees

As a small business owner you are at a big time disadvantage because you are not able to have a chance to compete with larger companies for employees. When you hire a great employee you may be feeling great about this investment but you might always wonder how long you will have them. Small businesses cannot offer the amazing perks that larger companies can provide. Offering insurance and retirement programs may be a desire but they may not be a reality for you. It is important that you look into different ways in which you can invest more into your employees so you can retain them. Having a good employee retention program is a great way to help you in developing relationships and will be able to keep these employees contributing to your company for a long time.

Investing in the training of an employee can cost your company a lot of money. In many cases you will end up investing nearly $15,000 of money and time into the training of one employee! If you have higher turnover rates, this is a lot of money that is just being wasted. You need to be able to look at what you can do in order to get your employees to stay with the company for years to come so you don't keep throwing away money.

Start by looking at the reasons why people claim they are leaving. Is it a salary issue, insurance issue, or morale concern? You need to consider all of the options so you can easily get to work on what needs to change. Some companies can make changes in the ways that they are able to retain their employees by changing the morale of the company. Managers that are unkind or seem to dominate their employees will not get far in retaining them. People want to work for a person that they feel that they can easily respect and can appreciate. You need to become this person.

Hold regular meetings with your employees and focus on showing them how you are invested in their well-being. You need to have meetings where you set goals with the employees and to have them express their issues and other things with the company. When you are able to learn more from the employees, you will find that it is easier on you to create better relationships to the point that you can help them stay.

Teamwork is a great way to help people stay at companies. They like it when they have coworkers that they can appreciate working with and coworkers that make their days and lives easier. You need to be able to look into using teams as they can motivate a lot of people to work harder. You really need to find out ways in which you can use teams to set goals and to help in moving the company forward.

What are the other things you can do? Give people responsibility. They like it when you show that you appreciate them and that you are focused on helping them to stay with the company. People like companies that respect their opinions and ones that do all that they can to invest in their staff. When you ask them for advice on leading the company along with product development and other things, it helps them to feel appreciated.

Look for ways to offer them better healthcare insurance along with retirement and other things. They like to have perks and it's a great way to boost the morale as well. Performance bonuses are also nice job enhancements to use from time to time.