3 things small business can do to retain employees
As the economy continues to improve, more employees are finding the courage to quit their current jobs and look for new opportunities. This is a big problem for employers because they have to spend money replacing and training employees.
Instead of watching your best workers leave for new opportunities, implement these three strategies that can help businesses retain employees.
Offer a Competitive Benefits Package
Employees understand that their benefits packages play a large role in their current and future security. If you give them highly competitive benefits they are more likely to stay with your company.
If you don’t already have them, some benefits you should consider adding to your company’s package include:
- Health insurance
- Dental insurance
- Flexible spending accounts (FSA)
- 401(k) with matching contributions
- Vacation time
- Additional paid time off for medical leave, maternity leave, and sabbaticals
Health insurance is potentially the most important thing you can offer. People see their premiums going up and they worry about the growing cost of medical care. If you don’t give them insurance, they may look for a competitor that does.
Let Them Work From Home When Necessary
Today’s employees want more flexibility so they can take care of family commitments without using their vacation days. Letting them work from home is a good way to give them that option while keeping work productivity high.
This is often beneficial for businesses as well as employees. Instead of losing an employee all day because he or she is sick, you can have that person work from home. You get the assistance you need while protecting other workers from illness.
If you let employees work from home, you will need the right technology that connects them to their accounts without jeopardizing the company’s security. The tools you choose will vary depending on the software you already have at work. For instance, if you use Salesforce, then you will want to use a Salesforce Security Solution to identity and stop threats from compromised accounts.
Give Them Opportunities to Advance
Some research shows that giving employees opportunities to advance their careers is one of the best ways to improve workplace morale. In some cases, the opportunity to advance is even more important than salaries.
On reflection, it’s easy to see why so many employees find this appealing. When companies consistently choose outside hires over employees who already work within the organization, workers feel that they have been slighted. They also start to believe that they are working in dead-end jobs. The most talented employees will quickly start to look for opportunities that will let them advance their careers.
The next time you need to fill a position, give your current employees a chance to apply and interview. Even if none of them are right for the job, they’ll at least feel that they had a chance.
Businesses can’t always compete with salaries offered by their larger competitors. That may not matter as much as you think. In many cases, employees simply want better benefits, flexibility, and opportunity.