You’ve started your own business, found the ideal office space, and hired the best talent around. Now, you just need to figure out how to keep them.
Employee turnover costs business owners time and money. Losing a key employee can be devastating, especially for small businesses. Once you’ve hired your dream team, it should be a top priority for you as a business owner to find a way to keep them.
How to Retain Employees
It’s no secret that workers who feel content, appreciated, and stimulated are happier – and more willing to stay with a company long-term.
So how do you keep your team happy and content to put their talents to work for your organization? Stick to these 10 basic rules of employee retention.
Employees Stay When They Are:
1. Paid Well
Beyond a competitive salary, offer a benefits package that meets your employees’ needs. While health insurance and retirement savings plan are essential, flextime, telecommuting and summer hours can be equally important employee benefits.
Training doesn’t stop with on-boarding. Spend time coaching your employees, helping top performers to excel and minimizing poor performance.
Prevent boredom and burnout by fostering employees’ professional development. Offer training to learn a new job skill, and set measurable goals to help keep employees motivated. Don’t be afraid to invest in professional development opportunities for your team. You won’t regret it; it will benefit your business and your individual employees in many ways.
Promote from within whenever possible and provide employees with a clear path of advancement. If employees are unable to see a future with your company, they make look elsewhere.
Hold regular meetings and allow employees to offer ideas and ask questions. Encourage employees to interact with each other to feel more connected and informed.
Especially in a small business, everyone’s contribution should be valued. Team brainstorms or an idea submission box help employees to feel as though they can tangibly impact the direction of the company.
8. On a Mission
Millennials, in particular, need to feel as though their work is making a difference. So make sure to provide a clear company mission that defines how your business or service contributes to the greater good.
No one likes to be micromanaged. People are more productive and happy when they have ownership. Allow employees to solve problems their way and express their individuality.
The best way to foster trust is through transparency. Let employees know what you stand for and what your long-term plans are. Be open and honest.
Another Reason Employees Stay?
A sweet office! If you’re looking for affordable office space for small businesses available near Boston MA, check out The Lakeside Park.
Our spaces are considerably less expensive than others in the Boston MA area, and they’re ideal for businesses in a variety of industries.