Multimillion-dollar businesses have a distinct advantage over smaller ones. This advantage is that they have a larger budget to provide incentives and benefits to their employees, an action that can help keep the staff they have spent time recruiting and training and save them a lot of hassle and money in the long run. However, there are some things that a small business can do as well. Just read on to find out what they are.
Performance related pay
One way to ensure that you keep the best people over the longer term is to link pay, bonuses, or benefits to performance. This can work well because it helps to motivate individuals, something that ensures each person does the best they can and minimizes situations where teams are carrying one or more people that are not doing as well.
It’s also pretty easy to do, as you can get systems that automate it for you, as long as you enter the parameters that your employee’s performance will be measured against. Naturally, using a system like this mean the people that are best at their job are more likely to stay with your company as they will be getting the biggest rewards.
Inject more fun into the day
Some folks think that work should never be fun, but actually injecting a little more playfulness into the day is a this is an excellent way of motivating and retaining employees.
To do this, all you need to do is consider some basic but fun activities. Things, like running a bake or cook-off, can work well, as it gets everyone involved and folks get to eat the results!
Group yoga session can help employees manage stress at work.
Physical exercise like organized walks, yoga, or spin classes can also help break up the day, get those endorphins going, and help people to enjoy their job a little more. Something that can, in turn, help them stay with your company for a more extended period of time.
Flexibility for different types of employee
You will find that there is no one model good employee when it comes to your small business. Therefore it’s important that you cater to different groups in terms of flexibility and benefits you offer if you want to retain the best.
For some, having their kids close by in a creche with access to a playground like the ones PDPlay have on offer will be the most important thing. The rationale behind this being that they can spend their lunch hours and breaks with the little ones and achieve a better work-life balance. Something that can definitely make them happier and so encourage them to stay in your employ longer.
Alternatively, other folks may prioritize flexible hours and sponsored training that they get a hand in choosing. Especially if they are at the beginning of their career as offering this ties them in with your business and is much more likely to get them to stay for the long term. Something that will ensure you have great employee retention.