In your business, your team is everything. Even if you follow the guidelines from my blog on how to hire your first employee on the best practices for hiring and interviewing candidates, some bad seeds will still find ways to slip through the cracks. It’s not just poor workers who will affect how your team pool changes. Millenials, who comprise the largest generation currently working, have exhibited a trend of job-hopping in search of the best job with the highest compensation. The goal for you, as a small business owner, is to prevent your most talented employees from jumping ship.
Here are some tips for how to retain your best and brightest employees.
1. Think Long-Term
If it’s financially impossible to increase an employee’s compensation, you need to remind him/her that one day it will be. Be sure that all of your employees have a concrete idea of what your vision is for your business and what role they’ll play in helping your get there. Make them understand why you do what you do. If you voice how much you believe in yourself and your team, the desire to stay working for you and helping you reach that goal will follow. If you treat your employees well, they’ll trust you enough to know that when you become successful, so will they.
2. Compensate Fairly
Depending on the skill and education levels you require for your position, compensation will play a large role in obtaining and keeping talented people in your circle. A paycheck and its accompanying benefits are a huge factor when workers consider leaving for another employer. Do you offer health benefits, a retirement package or an annual review during which good work is rewarded with a raise? You should consider all of these things and figure out compensation that is fair to keep you best employees
3. Give Perks
While small business owners have the desire to compensate employees very well, we all know money can get in the way. If you can’t financially afford to pay your employees exactly what they deserve, figure out what else you can do to balance the scale. Sculpt a laidback, but professional, work culture where creativity and inter-office friendships are encouraged. Offer paid vacations and sick days, maternity and paternity leave or the use of your equipment for an employee’s side project. Time is free, and if you feel that your employees might deserve more than what they see in their paychecks, there’s no harm in offering other benefits to them.
4. Offer Growth Opportunities
Talented employees are people who crave responsibility and growth. If you’re sure an employee is someone you want to keep on your team, offer him/her the opportunity to take on more challenging and engaging work. This will keep your employee interested while also preventing the job from becoming mundane or predictable. Keep your talented employees on their toes with more demands. They will see and feel the trust and faith you have in them.
You need your employees and they need you too. You will run across your fair share of bad employees during your time as an entrepreneur, but when you begin adding really valuable, talented employees to your team you need to know how to hold on them. It will be the best thing you can do for your business.
Melinda is a founder and president of Quintessence Group, an award-winning marketing consulting firm based in Philadelphia, PA, serving Fortune 500 brands who target small businesses.