Employee Retention

Employee Retention

How to motivate your staff

Keeping your best employees is vital to the success of your business. If you can retain your top performers, growing your business should be a breeze. Conversely, if you’re constantly recruiting and training new people, you may find that your revenue numbers become stagnant.

This probably sounds logical to you, but you may be surprised to hear that many entrepreneurs overlook just how critical it is to retain employees. In fact, a recent survey showed that over half of all small businesses have no formal employee retention strategy.

How can you help ensure the retention of your best employees? Here are a few things you can do:

  • Don’t focus on money. Many small business owners make the mistake of thinking employee retention always comes down to wages. This isn’t true. While pay certainly is a factor, many employees state that it’s not what they care most about. Other factors such as job satisfaction and workplace atmosphere are also important.
  • Keep things steady. Employees like stability and knowing exactly what is expected of them. If things are constantly changing, your employees may begin to think about moving to a more stable job. Set up some measurable objectives for your employees so that you both know what their goals are, as well as when they have achieved them.
  • Encourage open communication. As a manager, it’s important for you to be able to tell your employees what you want of them. However, what you may not realize is that your employees want to be able to tell you what they want from you (but they may be afraid to do so). Make sure you create an environment where your employees feel free to share their ideas and give you feedback about your management style.
  • Celebrate success. Employees want to know when they’re succeeding in their jobs, so if they’re doing well, make sure you let them know it. When they meet their goals, celebrate it. If your employees feel that they are truly a part of the success of the business, they are much more likely to stick around.
  • Be loyal to your employees. If you demonstrate loyalty to your employees, they are much more likely to reciprocate. Take the time to express an interest in their lives. Help them through hard times and celebrate in any happy occurrences they care to share.