How many employees does a company need to excel?
You don’t need droves of people to make your company be as effective as possible. According to the United States Census Bureau, over 89 percent of companies in the country have fewer than 20 people working for them.
Even more surprising is that over 78 percent of businesses have less than 10 employees on their roster.
Clearly, it’s not the number of employees that makes a business successful, it’s their quality. One thing every business owner needs to learn is how they can retain great employees who can help their company expand.
Below are a few tips on how you can ensure your company keeps its best employees.
1. Focus on Onboarding
One of the greatest hurdles employees can face that could lead to them quitting is when they aren’t integrated into the company properly. This can be because they feel excluded from the workplace culture.
This can be particularly prevalent if you only have a handful of employees who have gotten used to each other. Or maybe they have a hard time understanding their responsibilities.
For example, if you are a home loan broker, a new employee has to go through mountains of paperwork and learn about a lot of clients.
Focusing on onboarding is essential if you want new hires to fully understand what they’re supposed to contribute to your business. It also gives them the time to interact with other employees, making them feel welcome.
Good onboarding is essential because it sets the tone for the rest of the employee’s tenure.
2. Offer Schedule Flexibility
People today have so many responsibilities that it can be difficult to concentrate on one thing, even while at work. For example, your employee can be the sole breadwinner of their family and must also deal with domestic emergencies as well as pay attention to their personal life.
One way you can show compassion for your employees and ensure that they remain under your employ is by offering schedule flexibility. This can give them more leeway when getting their kids ready for school or give them the opportunity to go to leave work early and relax at home for once.
You can be surprised how much people will appreciate having some flexibility in their work hours.
3. Pay Well
Most business advice will gleefully skirt around the main reason your employees will stay in your company: higher wages.
Too many people try to rely solely on management strategies and cheap gimmicks to try to keep employees from leaving. But unless you pay them the right amount of money for the work they do, your employees will leave in favor of greener pastures.
At least your company should provide a living wage to your employees, one that will allow them to at least cover the basic costs of day-to-day life. Raising employee wages may mean a smaller profit, but it will help you retain talented people.
Your company’s best investments are these types of talented people. You should do your best to keep them happy and on your payrolls.
4. Great Benefits
Aside from giving them great wages, you should also never skimp on the essential employee benefits. No, this doesn’t refer to free snacks or the occasional pizza party.
This refers to important things such as health insurance, dental plans, assorted leave benefits, and the like. Your company’s benefits can be one of the few reasons employees are willing to stay. As such, you should do your best to provide them with important perks.
Some parks don’t necessarily translate to financial assistance. For example, if your company employs a lot of mothers, you should make it easier for them to bring their kids to work. A small business daycare, as well as a breastfeeding room, can be all you need to assure your employees that you care about them.
5. Recognize Hard Work
Finally, employees will appreciate it when you recognize their hard work. Although a shout-out during a meeting or an email blast mentioning their achievement can be enough for a small but meaningful effort, larger contributions deserve better rewards.
Consider giving exceptional employees additional perks if you can’t provide them with cash incentives. For example, you may give them gift cards, extra leave credits, or a paid vacation, depending on your budget and the size of their input.
Employees are the building blocks of every company. Without great employees to shore up your business, your enterprise will surely have a hard time achieving profitability and greater success. Learn how to retain them, and you can be ensuring your business’s future.