Employees are a huge part of the fabric that creates a successful business. For small businesses, solid employee loyalty gives a competitive advantage over bigger businesses competing in the same industry. There is a real opportunity to personally affect more loyalty and employee retention on a smaller scale which may be harder to do in a larger corporation setting. At Reliant, we consider our employees family and prioritize their development and recognition of hard work. We’ve put together five tactics we use to help engage our employees and help build loyalty. Please, take a page from our book:
A little appreciation goes a long way when it comes to your employees. It feels good to reap the rewards for a job well done and for continued loyalty to a business. If you’ve been able to align your employees to form a cohesive team working towards one goal, you’ve largely succeeded in doing what most business owners aim to do with their workforce. You’re already halfway there. Show appreciation for those sharing your vision and not just “showing up” for a paycheck. If you want to single out an employee for their efforts, make the reward specific to that person’s interests. If you want to reward a small group, take them out for a unique dining experience or local adventure for a team building experience.
Is there room for growth in the positions within your business? If not, consider how you can develop room for promotion in each role within your company. For example, if you hired a new landscaper for your home services business, is there capacity for that employee to manage down the road as your business grows? The bottom line is this: If there isn’t room for that growth or promotion, that is less motivation for the employee to stay long-term. Creating opportunities for your employees is an excellent strategy for increasing employee retention.
Of course, you are paying your employees. But are you regularly assessing their performance and skillsets and compensating for that? The more skilled your employees are (especially if you are investing in developing those skillsets), the more valuable they are to the overall success of your business. Before giving your employees raises, make sure you can afford the additional expense. If it doesn’t fit your budget, explore other ways to motivate them, Here are a few examples of incentives you can afford:
- Let them bring their pets to work – if it’s appropriate for the environment, why not?
- Single people out to recognize hard work and positive reinforcement
- Offer more bonus days off – some may prefer more time off to getting more money
Offer a flexible work schedule.
Depending on what industry your small business falls under, you may be able to offer a more flexible schedule for your employees. Employers who offer this benefit, find their employees experience increased morale, engagement, and commitment to the organization. A flexible schedule supports engagement and cuts down on absenteeism.
According to a recent study, 23% of employees said that more transparency regarding the overall health of the business would cause them to be more motivated, and 14% would be less likely to take a competing job offer. One way to facilitate that transparency is to hold monthly kickoff meetings with your employees. Use that time to give updates on company goal progression and projection. It’s also a solid time to motivate your employees with an inspirational message and then open the floor for feedback. Doing this once a month can help your employees feel like they are a part of the company and empowered to make an impact.
New initiatives cultivating employee loyalty benefit your business’s bottom line and ease the pitfalls of dealing with a high turnover rate. Want more ways to improve your business this year? Check out our Top 4 New Year’s Resolutions for Small Business Success.