You know the scenario: you have some great people in your small business and they want more. You need to keep them, but you can’t compete with larger companies in terms of big bonuses and substantial wage increases.
So how can you convince them to stick with you? The good news is you can provide your staff with non-monetary incentives to stay put, with a focus on offering career progression and a solid future with your business.
Uncover their talents
While you’ve employed a person to do a single job, you might uncover their hidden talents as you get to know them.
Some of these skills could be useful to your business either now or into the future, so chat to them about progressing those skills and how they can be used within the business.
To help them build on those skills that will benefit your customers and bottom line, you can encourage training opportunities both in-house and externally.
You can also take on more of a mentoring role to grow their knowledge of the business and the roles they can play within it in the future.
Create an action plan
When you’re working on your business plan, allow some time to consider where your staff fit in and what they could offer towards these future goals.
As your business grows, new roles will open up, and having current employees fill those gaps will help them feel their career is growing.
Of course, a progression plan like this will also be great for business by filling critical roles with people who know the business inside out.
It’s important to keep up open communication with your people over time to ensure your ideas for their career within the business fit with their personal goals – and when these two ideals meet, you’ve hit the magic spot.
Encourage branching out
Very few people are happy doing the same thing day in and day out. Change, as they say, is as good as a holiday (or at the very least, it’s good for your state of mind).
Give your people the time and opportunities to branch out into different areas of the business.
This will mean they get to know the business better, help you fill gaps, establish where your employees’ top skills lie, engage them in the bigger picture and allow them to think creatively through a change of scenery.
Happy employees are the people who stick with you and value the perks you can offer over monetary rewards. Helping your best staff become the champions of your business is a powerful step towards solidifying your future success.
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