As a business owner, you’ll know that without a committed team, your company will fail.
As the saying goes, it takes a village to raise a baby, and it takes a handful of completely dedicated employees to build a business from nothing. It might take you a while to find the right team of individuals to help you establish your brand and start building on your success, but when you have them, you need to do everything you can to keep them.
If you’re finding that your best members are jumping ship, or if you want to prevent them from doing so by making yourself a desirable and reputable employer, here are some of the ways you can keep everyone on board.
First and foremost, you need to make sure you’re offering a fair and competitive salary. This means regularly keeping an eye on what other people in similar positions are earning and making sure your employees are either matching or exceeding it. There are many other things that go into retaining your staff, but ultimately, everyone has bills and outgoings to account for, so money will always be a factor.
Every good employer should be looking to review their employee’s pay every year, least of all because of tax increases throughout the year and the rising cost of living. On top of this, loyalty deserves to be rewarded, so a pay bump every year at the very least in line with the market average is a good way to encourage your staff to stay.
There are many ways as to how to retain employees without money, with one of the most popular being flexible working. This has really come to the forefront since the pandemic began, with many companies giving their employees the opportunity to work from home for the first time ever. Many people loved the flexibility of working from home, and this is something most workers have now come to expect.
If you want to retain your best employees, you should seriously consider allowing them to work from home at least one day a week. This will allow them to maintain a better work/life balance and give them more autonomy over their schedules. It could be the deciding factor over whether they choose to stay or not.
Being an employer, you can’t just rely on a salary and one day a week working from home to keep your employees sweet. More and more companies are offering their employees additional perks, and we’re not just talking about health insurance or dental care – these should come as standard.
Instead, think outside the box, such as offering a paid for gym membership to help their wellbeing, or offering up snacks and drinks at work so they don’t need to worry about going hungry during the day. Other things you can consider include investing in the break-out room with things like a TV, games console, and pool table. Alternatively, you could even hold a staff get-together every other month to encourage team building and give your team a chance to let their hair down.
If you’re unsure what perks your team will appreciate, it’s worth asking them.
One of the best things you can do to keep your best team members happy and engaged is to conduct regular meetings and one-to-ones with them. This will show them that you’re engaged and interested to hear what they’ve been up to and what they have to say, and it will also give you the opportunity to hear any issues they’re having, as well as the positive work they’re doing.
Staff members will always leave, but you can prevent a prematurely high staff turnover by implementing the above tips.