As a small business, it can be all too easy only to keep track of the golden profit and loss metrics.
However, some so-called smaller ones can discreetly make all the difference to your success. Staff retention is one of these, and the more employees you convince to stay with your SME, the more chance you have of long-term success. After all, employee costs are much higher than the advertised salary you put out on the job boards – and if you’re forced to regularly go back and forth through your recruitment process, there are also training, advertising, and opportunity costs associated with that, too.
Following the above, here are five ways to make your small business more attractive to staff and improve your staff retention rate.
Offer competitive salaries
This one is a no-brainer – if you want to attract and retain the best talent, you need to offer competitive salaries. Do some research on what other businesses in your industry and region offer similar roles, and make sure you’re offering at least the same, if not more.
Of course, this isn’t always possible. If you find yourself in a situation with a limited budget, you’ll need to pick and choose the roles in your business you feel happier dedicating more resources to.
Create a positive work environment
Your employees spend the majority of their waking hours at work, so it’s important that you create a positive work environment that they actually enjoy being in. This means having a good workplace culture, open communication and mutual respect between staff and management. It also means, particularly in today’s environment, creating a diverse workforce.
Offer training and development opportunities
Your employees will appreciate it if you offer them opportunities to learn and grow in their roles. This could be in the form of formal training courses or simply providing opportunities to take on more responsibility and challenge themselves. Either way, it shows that you’re invested in their development and want them to stay with your company long-term.
Be flexible with working hours
In today’s world, the traditional 9-5 working day is no longer the only option. More and more employees are looking for flexible working arrangements to manage their work-life balance better. If you can be flexible with your employee’s working hours, it will show that you’re willing to work around their commitments and that you value their time outside of work.
Offer perks and benefits
Finally, another way to make your small business more attractive to staff is by offering perks and benefits beyond the usual salary and holiday entitlement. This could be anything from free gym membership to flexible working arrangements, and it’s a great way to show your employees that you value their well-being and want to make their working life as enjoyable as possible.
Yes, there’s an added cost to these initiatives. Still, particularly if you’re struggling to add to base salaries, this could be the happy medium that convinces your workforce that you are the employer to stay with.
