{"id":432,"date":"2015-06-04T17:37:09","date_gmt":"2015-06-04T17:37:09","guid":{"rendered":"https:\/\/www.headwaycapital.com\/blog\/?p=432"},"modified":"2020-10-05T15:52:44","modified_gmt":"2020-10-05T20:52:44","slug":"5-ways-to-improve-retention","status":"publish","type":"post","link":"https:\/\/www.headwaycapital.com\/blog\/5-ways-to-improve-retention\/","title":{"rendered":"5 Ways to Improve Retention"},"content":{"rendered":"

As a small business owner, it\u2019s very important to retain your experienced employees: hiring and training new workers is time-intensive and expensive, sapping valuable resources from your company. According to a survey by Monster.com, as many as many as 59% of employees say that they are always keeping an eye out for a new job!1<\/sup> That\u2019s why it\u2019s important to think of ways to improve retention at your company, keeping your best employees with you for as long as possible. Below, we\u2019ve put together 5 ideas for boosting retention that any business can try.<\/p>\n

1. Prioritize Perks<\/h4>\n

Though compensation is an important consideration when employees think about whether they\u2019ll stick around, salary isn\u2019t the end-all and be-all of retention. Benefits and perks that might not have much effect on a worker\u2019s finances can have a big impact on their satisfaction. Think about programs like dry cleaning pick-up and drop-off, or regular lunches on the company dime. Other simple lifestyle perks might include flexible hours and telecommuting options.<\/p>\n

2. Recognize Good Work<\/h4>\n

Initiatives like employee of the month can be helpful in motivating workers, but there\u2019s much more you can do to make your employees feel appreciated. In a small business environment, it can be easy to forget to call out everyday excellence \u2014 encourage your employees to let you know when their colleagues go above and beyond, and personally reach out to high-achieving workers to offer your kudos.<\/p>\n

3. Enable Involvement<\/h4>\n

Employees love being able to give back to the community through their company. Sponsoring community service days where everyone in your business volunteers for a good cause can build camaraderie and make your workers feel like they\u2019re making a difference. Similarly, matching employees\u2019 charitable donations up to a certain amount can simultaneously make them feel like they\u2019re making a difference and that their employer cares about making a change.<\/p>\n

4. Encourage Ownership<\/h4>\n

When employees feel like they have a stake in their work and environment, they will be more engaged and less likely to leave. Ways to foster ownership can range from team brainstorming that gives everyone a say in a project\u2019s direction, to offering equity in the company after a certain number of years. If your space allows it, you can even give your workers the chance to design and decorate the office, making them feel like it\u2019s really their environment.<\/p>\n

5. Keep Communication Open<\/h4>\n

Regular reviews can make sure everyone\u2019s on the same page about performance and satisfaction. These meetings give you an opportunity to gently correct negative behaviors before they become real problems while allowing workers the chance to bring up difficulties they have before they become really unhappy. Try to have these one-on-one meetings as often as possible \u2014 a weekly discussion can be off-the-cuff and honest; a yearly review will be formal and unfavorable to open dialogue.<\/p>\n

References<\/p>\n

1<\/sup> Bennington, E. (n.d.). Employee retention: big company tactics for small businesses<\/em>. Retrieved June 2, 2015, from http:\/\/hiring.monster.com\/hr\/hr-best-practices\/workforce-management\/employee-retention-strategies\/employee-retention-tactics.aspx<\/p>\n","protected":false},"excerpt":{"rendered":"

As a small business owner, it\u2019s very important to retain your experienced employees: hiring and training new workers is time-intensive …<\/p>\n","protected":false},"author":4,"featured_media":433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[611],"tags":[53,55],"class_list":["post-432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-optimizing-your-small-business","tag-employee-retention","tag-employees"],"yoast_head":"\n5 Ways to Improve Retention - Headway Capital Blog<\/title>\n<meta name=\"description\" content=\"As a small business owner, it\u2019s very important to retain your experienced employees. 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