You’ve hired the best employees and now you have to find a way to keep them. Employee turnover costs your small business time and productivity. Here is part two of a list of ways to keep your employees.
- Keep the lines open. Employees should have a regular chance to offer ideas and ask questions. An open-door policy encourages employees to be open with managers without fear of negative consequences.
- Managers should get involved. Have them coach employees, help top performers move to new positions and correct poor performance.
- Show them the money. Financial rewards such as stock options for employees who meet performance goals, meaningful annual raises or bonuses when employees meet specific performance goals are ways to retain employees.
- Encourage development. From training to learn a new job skill or tuition reimbursement to help further your employee’s education, development is a good investment in your business and your employees.
- Give them a benefits package that fits their needs. A competitive benefits package is crucial for retaining employees. Besides the typical health and life insurance, other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to be flexible while they work for you.
- Ask the pros. Consider a human resources manager (you can outsource this) for companies around 100 employees. HR associates can manage and streamline your employee structure and processes and takes the stress off of you.
FranNet provides resources on small business ownership and starting a business. If you are interested in learning about your business ownership options and being matched to the right one, contact us for a free consultation.
