2012-10-18 00:00:00 Starting a Business English https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Oct18th_How-To-Retain-Your-Employees1.jpg How To Retain Your Employees

How To Retain Your Employees

2 min read

Most often than not, small businesses focus entirely on customer satisfaction, offering new services, expansion and growth plan. It hardly leaves them with much time to concentrate on employee well-being, satisfaction. Result: disgruntled employees taking the exit route. Remember, employees are the backbone of any business, whether small or big. Hence, it’s equally important to retain them as it is hiring them.Here are a few golden tips to remember to retain your employees. Financial Incentives For a small business, doling out more money can be quite difficult but remember, high employee turnover costs your business both time and productivity. • Salary: Always pay on time and as per industry standards. • Bonus: For exceptional work done, give them a raise or bonus if you can afford it. • Promotion:When someone has really impressed you, promote him with a title change or increased or different responsibilities. • Competitive Benefits Package: Offer health and life insurance. These add-ons often create huge value   Positive Work Environment: Apart from monetary motivation, employees need to feel safe and valued at the work floor as well. • Show Trust: Trust them to do their job properly. Stop micro-managing; instead give them a little autonomy to complete their assignments in their own way. • Listen to Them: Hold team meetings or one-to-one talks where you listen to their ideas, complaints, suggestions etc. Also, lend a sympathetic ear whenever they come to you with their problems. • Keep your Word:Hold separate meetings with women workforce to know if they are harassed at the workplace. In case of complaints, deal with it very strictly. • Transparency: Do not encourage backbiting, criticism or competition between the employees. Also, share the same information across to avoid misunderstandings. • Offer Support: In times of need like sickness, family problems etc., offer them support by leaving them early, agreeing to flexi-timings, telecommuting etc.   Career Growth Opportunities Employees will become frustrated and start considering other options if they don’t see a clear future for themselves at your company. • Show them the bigger picture. Make your employees feel important about their role in the company and make them understand that they can grow with you as they help the company grow. • Meet with employees regularly to set specific goals for productivity, achievements and skills. Review progress on a regular basis and provide on-going feedback.   Training and Orientation • For new employees, provide training and orientation so that they know what’s expected of them. • Also, develop a mentorship program where experienced employees can show them the ropes of the business work culture. • For talented and high prospect employees, organize special coaching to enhance their skills.   Rewards and Recognitions Show that you recognize their achievements and dedication by rewarding them — It goes a long way in retaining talented employees and keeping them happy. Rewards can be cash vouchers, gift vouchers, dinner tickets, movie tickets, chocolates etc.   Social Meetings Once in a while, make it a point to take your employees out for lunch, coffee or picnics. The idea is to mingle with them outside the work confines. This will develop a healthy and positive relationship with your employees and they will be less inclined to leave you.   Lastly, try to find out if the employees are happy at and with the job. If they are satisfied, the chances are they will go a long way with your business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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