Many people dream of becoming entrepreneurs, and often the biggest...
Letting technology do the heavy lifting for certain monotonous tasks...
While small businesses must handle day-to-day tasks—like managing...
Benefits administration can be a game-changer for small...
July 24, 2017
With the unemployment rate at its lowest point in years, it’s never been more important to keep hold of your best employees.
Attracting and retaining the top talent is vital for your business, and in today’s tight job market, employee retention means more than offering a good salary and benefits.
In this article, we look at six ways companies can retain top talent.
A strong work-life balance is incredibly important to the Millennial workforce, and that has trickled down to other team members.
Encouraging a work-life balance in your business goes a long way towards creating happy and loyal employees.
Consider giving your employees the mobility and flexibility they need. This may mean letting some staff members work 12-8 instead of 9-5. Or, perhaps it means staff can work at home a couple of days per week.
When your workers have flexibility, you’ll find that not only are they happier, but they are more productive and loyal to your company.
Today’s workers want to feel like they’re a part of something – they crave a place to belong.
Consider adding team building activities to your company’s calendar.
Community service projects, recreational leagues, fitness challenges, painting classes, family get-togethers and more are great ways to bond.
This fosters a sense of family and lets your employees know you care about their social needs. This also encourages staff interaction and fosters camaraderie and a cohesiveness among your team that promotes retention.
To keep your top talent, you want your staff to feel like their opinion as well as their work product matters.
To retain your employees, give them a sense of empowerment. This helps them “own” their job and be less likely to leave it.
One way you can do this is through open communication channels. Make sure your staff knows what’s expected of them. Hold regular meetings to check in and see how things are going.
Let your staff offer their opinions and thoughts in open, honest dialogue. This gives them ownership and buy-in.
The number one reason employees leave a job is because of bad management.
Make sure you don’t have any poor leaders on your staff as this can spell disaster for your employee retention plan.
Provide ongoing leadership and communication training for all of your managers – this means everyone, even those in the highest positions.
Just because someone can manage, doesn’t mean he or she is a good leader. This takes ongoing training.
Give your staff opportunities to grow and learn. You want them to know and understand the advancement opportunities in your company.
This might be training you provide that helps them do their jobs better, or it could be that you create a career development plan with each employee.
This gives your employee a clear idea of where they can go with your company and the steps needed to get there.
It’s always nice to reward your staff with bonuses at the end of the year. But, this isn’t always possible, and it’s a long time to go without any recognition.
Your best bet is to recognize employees for their good work on an ongoing basis. This doesn’t mean throwing money around all year long.
What it does mean is telling your staff how much you appreciate the work they do. This helps your staff feel appreciated and respected. This encourages them to stick around.
Do your best to notice when things are going well and praise the appropriate team members.
Retaining your top talent is profitable for your business. It saves you money because you aren’t having to spend time and money to hire and train new people.
Employee retention is also encouraging to candidates when they’re interviewing with you. If your company has a high retention rate, it usually means it’s a good place to work.
Start working on your retention plan today, and you’ll watch employee morale and retention rates rise.
Are you a new startup ready to succeed? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your HR duties, finances, payroll and more to us. Contact Escalon today to get started.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
While small businesses must handle day-to-day tasks—like managing payroll or closing monthly books—long-term planning is the compass that keeps them...
Benefits administration can be a game-changer for small businesses aiming to attract and retain top talent. While salaries remain an...
Choosing the right accounting method can significantly impact how you track financial performance, manage taxes, and plan growth. Two common...
Bootstrapping—financing growth through internal cash flow—is a hallmark of many successful startups. But as businesses mature past their initial stage,...
In today’s business landscape, technology is more than a convenience—it’s a strategic asset that can supercharge growth. But as you...
The month-end close can feel like a perpetual scramble—collecting invoices, reconciling accounts, fixing last-minute errors. A drawn-out close not only...
Overhead costs—from utilities and rent to administrative staffing—can quietly swell until they erode profit margins and slow your ability to...
Growth triggers a tidal wave of financial complexity, multi-entity operations, new product lines, overseas expansion, or investor relations. If your...
Mergers and acquisitions (M&A) can dramatically alter a company’s trajectory—unlocking new markets, technologies, or customer bases. Yet, many deals stumble...