Running your own business is a rollercoaster, no matter how well established you may be. A major contributing factor to this turbulence is down to your staff. From a flurry of resignations to new hires that prove to be a poor fit, there are many roadblocks on the path to finding and maintaining the best team for your business to keep your operation running smoothly.
With the best will in the world, it is unlikely that you will ever have the perfect workforce. However, as soon as you find yourself in a relatively good position with your staffing then you should do what you can to keep those employees in the company.
Once of the best ways to ensure strong staff retention is to invest in your employees. This can be financial, but also includes providing plenty of opportunities for growth and creating a culture that makes work a pleasant place to be.
A happy employee who feels valued and fairly treated is likely to commit at least several years to a company, letting the business enjoy the benefits of their expertise and reap the rewards of their investments. A positive attitude towards employers also induces loyalty and the drive to work hard.
Additionally, new workers are much more likely to stay in a company where employees feel appreciated and supported by management. This helps to improve staff retention rates, and a minimal turnover allows businesses to save money on advertising and recruitment.
So, it is clear that investing in your employees will benefit your business. But what are your staff looking for, and how can you provide this?
How business owners can invest in their staff
Financial incentives
The most obvious way that you can invest in your staff is financially.
First and most importantly, make sure that you are paying fair wages for their work. Keep up to date with the going rate for each role and ensure that your salaries are competitive. You should also make sure that salaries are tracking inflation as much as possible, or at the very least include marginal increases depending on length of service.
Larger companies may find it useful to use digital payroll software that can be linked to an online HR system to ensure that any promised salary raises are delivered in a timely manner.
As well as a monthly salary, you could also consider rewarding high-performing staff with bonuses. Using financial incentives is one of the best ways to boost short-term motivation.
Opportunities for growth
It is not only money that you can invest into your staff. Providing opportunities for growth is another simple way to make your workforce feel valued, and this has the knock-on benefit of improving the skillsets of your staff to upgrade your company offering.
Make sure to run regular training sessions around suitable topics within your industry. You can bring in professionals where appropriate, or better still you can give senior staff the chance to present on their areas of expertise. The latter option saves you money and also helps those teaching to feel respected.
It is worthwhile doing a survey with your staff to ask what kind of training they would like rather than imposing unwanted sessions. However, some sessions will be necessary regardless such as training on legal issues such as GDPR requirements.
Company culture
Finally, company culture is often make or break in your staff staying long-term. Larger businesses with lots of repetitive roles may find it particularly difficult to create a dynamic that entices staff to stick around for more than a few months.
Company days out are a great way to incentivise staff. Why not invest in an annual event that employees can look forward to, such as a day out to the races or an outdoor summer party?
You should also focus on blending your teams together to ensure a cohesive and co-ordinated workforce. This also encourages staff to switch departments if they are dissatisfied with their role rather than leaving the company altogether, thus maintaining a solid workforce.
