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6 Ways a Small Business Can Improve Employee Retention
When it comes to retaining the top talent in your company, there are many ways you can approach it. You want your employees to know they are valued and make them want to continue working in your company or establishment. If employees are unhappy, they are very likely to venture out in search of other employment options.
Here are a few ways you can improve your employee retention in your small business so that those top employees continue with you for the long haul.
Fair and Equal Treatment
This goes without saying, but it’s important that all your employees feel they are treated fairly and equally. This is especially true if your employees work on commission. They want the odds to be equal across the board. That is highly critical in keeping those top employees on your staff.
Offer a Comprehensive Benefits Package
When it comes to employee benefits, it’s important that employers offer a top comprehensive package. This package should include benefits that are attractive to the top talent in your area. Healthcare is quite expensive in this day and age, and it is important your employees feel they can properly take care of themselves and their families. But it goes so far beyond healthcare.
Like we’ve mentioned before, the financial health of your employees is just as important to the success of your company as their physical health. And in that same vein, physical health isn’t just health care (though that’s important, too!). Physical health includes safeguarding the mental and emotional wellness of your workforce (see below).
Financial Wellness Program
One other way you can retain top employees is to offer a financial wellness program. This will help them to reduce their debt, learn ways to make retirement easier in the long run, and also become financially sound in all areas. It can help them learn budgeting or even how to save for their future college expenses and family costs.
Wellness Program Benefits
A happy employee is a healthy employee and vice versa. While you may offer a great healthcare plan, what about the daily health of your employee? The job can be quite stressful and learning to manage stress in a healthy way can be quite beneficial to your staff and your company. Offering incentives that reward your employee for a healthy lifestyle, providing yoga classes to learn to deal with stress, and other wellness tips can help your entire office run smoothly and more efficiently.
Ongoing Training is a Must
Giving the employee the right tools to do their job makes it easier on everyone involved. If you find an employee is struggling in a position, be sure to evaluate why they are struggling. Were they given proper training on the position they are in? Were they allowed to ask questions and get the guidance they need to make sure their job is done right? Initial and ongoing training give your top talent the confidence they need to succeed in their position. Furthermore, providing ongoing training shows that you value each individual’s unique skills and want them to succeed in their careers overall.
Reward, Recognize and Appreciate Your Employees
Just as mentioned above about fair treatment, your employees also need to know they are appreciated and rewarded for their hard work. You can try competitions throughout the year to help motivate your employees to do their best. Reward them when you see an outstanding job or recognize them for landing that large client that they just worked months to get. It is vital to the entire staff in your office or company that they know they are appreciated and recognized for a job well done.
All of these are great ways to retain your top talent employees. By meeting the needs of their health (physically, emotionally, and financially), investing in their skills with ongoing training, and giving credit where credit is due, you’ll find yourself with a thriving, dedicated workforce that is as dedicated to your business goals as you are.
If you need more assistance in setting up benefits plans or learning how to retain top talent in your small business, contact Sunflower Benefits Group to get started.
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