Small business hiring is competitive. You not only have to compete with other startups and small businesses but the big corporations as well. So once you find the right employee, you’ll do anything to keep them.
But is your company really doing enough to improve employee retention? In today’s job market, traditional benefits and compensation aren’t enough. Job candidates are looking for more perks, incentives and a unique work life balance. The Wall Street Journal highlights some new, more modern approaches to keeping the best employees.
Refresh your benefits package. Take a look at what you’re offering employees in terms of benefits — has it changed at all in the past few years? Every year, you should be assessing your benefits package, making sure it fulfills the needs of your employees as they change.
Additionally, it’s worth looking at your health care plans now. Obamacare has a lot of small businesses worried. Do the research into how it will affect your small business specifically, and think creatively about how you can make it all work for the betterment of your employees.
Offer office perks. Big corporations like Google and Apple are well-known for their office perks and therefore employee retention. Obviously, you can’t offer the same but think along similar lines. You may be able to provide bagels once a month or take your employees out for a drink once a quarter. Essentially, just because employees are working doesn’t mean they can’t have fun at their job too.
Also, think about perks that wouldn’t cost your company a dime. Allow employees to work from home once a week or month. Make a day designated to bringing pets into work. Office perks like these go a long way to make working and staying at your company more socially enticing.
Reward with incentives. Again, this is about making work and meeting goals more fun. Providing incentives for hitting goals will foster teamwork and camaraderie in your workplace. And you can keep these incentives within your budget.
They don’t have to be cruises to the Caribbean. Instead, they can be small incentives like early release on a Friday afternoon or lunch provided by the office one day. Incentives tend to scare employers, but they don’t have to break the bank or change your office dynamic too much.
The Wall Street Journal provides plenty of other ways to increase employee retention, like inner office promotions, professional development and financial rewards. You can also come up with your own means to keeping the best employees. Really, it’s about investing in the people of your company. They will see the time and resources you utilize to keep them and feel that it’s worth their sticking around for the long haul.
How else can you increase employee retention? Of as an employee, what would you like business to do for you? Share now in our comments!