As a business owner, having a good team behind you is essential to future success. When your business grows, you no longer have time to juggle all of the important tasks, so you need trustworthy staff that will put in hard work and move things forward. Once you have those personnel, however, how do you keep them from leaving? While some degree of turnover is expected, if you take action now it will go a long way in keeping your employee group stable.
No matter what kind of employee you’re working with, salary will always be a factor in how long they stay with you. Jason Lemkin, a managing partner of Storm Ventures and Inc. contributor, warns that once a worker has an offer from another firm, it’s usually too late for you to attempt to counter and keep them. That’s why it’s essential that you research your industry and weigh how much you can afford to pay someone with the going rate for that position to make your listing competitive. If you can’t beat larger companies in this area, consider other perks you can throw in to sweeten the deal.
To keep a good worker, it is essential for you to touch base with them in person and often. Elena Bajic of Ivy Exec. told Forbes about a good team member that left her company to pursue opportunities in human resources and recruitment. While preventing employees from leaving your business to switch industries might be difficult, the issue in this situation is that Ivy Exec. had similar in-house opportunities that the employee could have taken advantage of. If the associate and their supervisors had more frank discussions about career paths and where the worker saw their professional life going, Ivy Exec. could have kept a good employee. Ask your team members regularly about where they see their career going, and if they are interested in different areas of your business, consider switching their responsibilities.
One reason your employees might leave your company is that they don’t feel prepared enough to excel in their position. You should have a good training plan in place for new hires, while also continuing to give more tenured staff opportunities for continuous training. This could be a course in how to work with a new system you’re implementing or a demonstration of a new product offering. If your team includes professional staff as opposed to a retail team, consider having room in your budget for offsite continuous training, such as conferences or refresher courses. Not only will it develop your staff in their own careers, but they could bring back new and exciting ideas to help your business.
Recognize good work
Every business goes through rough or busy periods where success means a lot of hours and work. During and after such times, you should make a big effort to recognize your staff and make them feel appreciated for all that they do. Amber Thomas of Select International says that specific recognition goes a long way towards keeping employees satisfied, especially if cash bonuses are out of your budget. Undervalued employees tend to keep their eyes open for other opportunities, and it might take less of an incentive for them to abandon ship for another job.
If you can keep good employees, you stand a better chance of building a staff you can rely on as your enterprise grows. Before implementing major employee changes, consider consulting a professional business adviser.