Replacing an employee is expensive for any company, but small business owners feel it the most. When an employee at a small business quits, the consequences are felt immediately. That person may have been the only person working in their department, unlike how corporations operate. While the employer scrambles to find a replacement, other employees may have to step in to cover for that employee. Work efficacy is decreased and clients or consumers pick up on it right away. The hiring process to find a replacement may be rushed, leading the employer in a desperate situation where they hire someone not qualified at all, only to have that person quit or be fired later.
The cycle is endless, so small business employers must work to keep high retention. Here’s how.
Small businesses can take advantage of the fact that they’re not restricted to corporate one-size-fits-all benefits packages. Provide your employees multiple benefits packages and allow them to pick and choose which one works best for them. This shows your employees that you care and that they aren’t just a number to you.
Employees are less likely to quit if they see potential career growth in their future. Promote from within and offer on-the-job training or classes that help them grow in their career. Have one-on-one meetings frequently to find out where your employees want to be in a few years and see what you can do to help them fulfill their career desires at your company.
More and more employees are rejecting the rigid 9-5 workstyle and desiring flexible schedules and remote work. Employees are specifically seeking to work with small businesses because of that reason, so small businesses should promote it and try their best to implement it into their company as much as possible.
Are you a small business owner struggling with retention? Retention and recruitment software like Retinent helps you keep employees and hire qualified ones with incentivized referrals. Get a free demo today.