Employee retention, or keeping your employees, used to be simple. The answer was always money. This was at a time when workers were less liberated and unionized, and companies were reluctant to pay well.
Fast forward to 2017, and money isn’t even an important aspect for many staff members; choosing instead to seek alternatives.
From years as a Process Analyst, the best answers to employee retention concerns always seem to come from outside of the box. Many of which can be adjusted for use by small businesses.
One of the most attractive benefits to receive as part of an employment contract is a vacation. Not vacation time, but an actual vacation.
If you are running a small company, services like the Groupon Coupons page for Best of Orlando and similar are great ways to provide vacation options for your staff without drastically increasing your budgets.
Of course, not all incentives are as tangible as a vacation or a degree. Through speaking with many of my client’s employees, I found that progression was one of the biggest motivators for somebody to continue working at their position.
If the time has come to renegotiate, speak with your employee about their desired career goals and aspirations, and look at ways to include this path into their current role. If an employee can see their dream light at the end of their ‘current job tunnel,’ they are more likely to not only remain but work productively.
Increasing budgets has always been a concern. Whether it was a large company or a startup, keeping budgets tight is always important for smaller businesses.
Using potential tax deductions such as employee insurance can be an effective way to increase employee benefit, including to their families, without necessarily increasing a budget.
The same idea applies to education. Employees want to feel empowered in their position. And the best way toward empowerment is through training and education. Additional learning packages which can increase an employee’s general knowledge is a great incentive which can also be used as a deduction.
If there was one takeaway to share from my experience working with staff retention, it is to pay attention the small details and personalize your options. A blanket inclusion of benefits or a vacation may not work for those who are focused on their career. Pay attention to your staff, their needs, and their goals, and be sure to consider it when discussing their continued employment.