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How to Retain Talent for Small Business

In our How to Hire Talent for Small Business segment, we discussed five ways small business owners can recruit high-performing employees:

-Show value of business

-Define the job role

-Develop a recruiting strategy

-Pre-screen applicants

-Contact references

The five points share a central theme: the way you set your small business apart determines the type of professional you draw. Marketing your business effectively attracts talented applicants.

The ways in which you market your small business shouldn’t end at the signing of the new-hire’s offer letter. As of 2017, the average voluntary turnover rate in the U.S. is 13.5 percent.

Why are Americans quitting their jobs? Here’s a quick look:

-Issues with management

-Stagnant office culture

-Lack of recognition

-Low salary/benefits

-No opportunity for career growth

According to a recent Gallup poll, 68 percent of American workers feel overqualified for their positions. 51 percent are looking for a new job. The statistics are clear: unhappy employees quit.

What can you do?

To maintain a happy workforce, you need a plan. This starts with understanding what makes your staff tick. Let’s take a look at three retainment strategies you can put into effect today that will inspire your staff tomorrow:

Empower employees

Workplace office structure has evolved. In today’s workplace, leadership and staff team up to kick-start projects and further the business’s goals. Here’s how to set-up your employees for success:

Provide quality training: An employee’s success rate hinges on training. According to HuffPost, businesses that invest $1,500 in training per employee “average 24 percent higher profit margins than companies with lower yearly training investments.”

Set up expectations: Defining job duties and growth expectations will support your employees and the business. Good managers communicate what is expected of their employees and what their employees can expect of them.

Listen to feedback: Good management starts with you. Your employees are individuals with different ways of working. Some employees will excel in team-driven projects while others will prefer flying under the radar. Ask your staff how they like to work and implement a plan that supports their work styles.

Allow for mistakes: No one is perfect. Whether an employee misunderstands directions or a deliverable was mishandled, mistakes will be made. Let your employees know that it’s okay to make mistakes and show them how to work through it.

Offer incentives

High-performing employees deserve recognition. In an effort to elevate employee performance, some companies offer financial incentives. If a financial incentive doesn’t fit in your business’s budget, that’s okay. There are other ways to motivate your staff:

Remote working days: Nearly 25 percent of American workers telecommute. Employees who work from home (WFH) are happier and more industrious. A Stanford study conducted in 2013 showed remote employees were over 13 percent more productive than their in-office counterparts.

Weekly office lunch: No one can say no to free food. Show that you appreciate your staff’s productivity with a weekly catered lunch. It’ll save them money and build team member relationships.

Weekly team shout outs: Call out your employees by name and thank them for their hard work during the weekly staff meeting. Share with the team what the employee did and how it helped the company. If you don’t have a regularly scheduled office meeting, set one up.

Give the gift of a gift card: Each time a staff member completes a big project or career goal, reward them with a gift card. Simple and cost-effective, gift cards show that you’re grateful for the employee’s can-do attitude. To make it extra special, include a personal, handwritten note.

Open communication

Open communication is critical to a small business’s success. “Office culture is everything,” says CoverHound’s HR office manager, Sarah Patzschfield. “I like to check in with staff periodically to make sure they feel comfortable. I send a quick message every couple of days and make sure to connect at lunches.” Here’s what you can do to connect with your staff:

Be transparent: A survey released by recruitment agency StaffBay found that 87 percent of 15k full-time employees reported wanting to leave their company because they didn’t trust the boss. Be honest with your staff about the business’s successes and stalemates.

Schedule facetime: One-on-one meetings with your employees are crucial to developing a strong company culture. One-on-ones help you to build stronger relationships with your employees and helps them to understand what is expected of them in their position.

Teachable moments: One-on-ones aren’t just for your employees’ benefit, but yours too. This is your chance to learn what’s working and what needs improvement in the office. Listen to your employees about what they have to stay regarding training, management and office culture. If there’s room to improve, you’ll learn where and how.

Plan ahead: Should your staff have actionable workplace suggestions, begin the implementation process immediately. Formulate an action plan to help you integrate their suggestions into the day-to-day running of the business. It should be no longer than a couple of weeks from when they made the recommendation to when it is executed.

Working for your business isn’t all about the money for your employees. Training, incentives and communication are key to keep a talented staff happy. When you do good by your team, they do good by you.

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Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.

Insurance shopping simplified

Review personalized quotes, select coverages, and buy online - Everything insurance, all-in-one-place.
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