Employee retention is a hot topic for small business owners. How do you keep your best talent? The time and effort required to find the right people is no small matter. With so many things vying for your attention, you need to know that you can depend on your best employees.
If money were no object, the solution would be simple. In the real world, though, resources are limited. Fortunately, there are things besides money that can help with employee retention.
Here are three low-cost ways to help you keep your high-performing employees.
Regular One-to-One Meetings
It’s hard to overstate the value of meeting one-on-one with your employees. Especially when held on a regular basis, these sessions provide an opportunity for you to hear the concerns, struggles, and accomplishments directly from your employee. In return, the employee has an opportunity to bring up issues they may not be comfortable with in a group setting. One-to-Ones are a powerful way to stay connected with your employees and address issues as they arise. Rather than guessing as to how someone is feeling about their work or trying to solve problems that don’t exist, you get accurate, real-time information. What’s more, your employee knows you’re paying attention and that you care.
Strong Core Values
Ideally, your business has a well-developed set of core values and you make those values known when you are interviewing potential employees. Provided the core values are consistently demonstrated, your company should have a culture that is clearly defined. Not only does that make it easier for a potential employee to know if he or she is a good fit, it also makes it easier for that person to stay. Company cultures vary widely, and while another organization might be able to offer better pay, it’s unlikely it can offer the same workplace environment that attracted your employee in the first place.
Recognize Achievement
One way to recognize employee achievement is through bonuses, but if financial rewards aren’t possible, don’t give up on the idea of recognition. Small gestures can go a long way towards making employees feel valued—and people who feel appreciated for their efforts are much more likely to stay. Something as simple as an email expressing your gratitude or the gift of an extended lunch hour can make a big difference for your employees.
You want your business to be exceptional, and we have tools to help. Learn more about the rules for growth that will guide you through the current stage your business is in and propel you towards greater growth and success. Start by finding out your Stage of Growth using this quick calculator. Then visit our Stage Guidebook Series and select the book that’s right for you. Not only will you find out more about best practices for keeping great talent, but you’ll also learn strategies for every dimension of your business—from finance to marketing to process improvement. You don’t have to reinvent the wheel. Discover the rules of growth for your business today!