As a small business owner, one of your main concerns is how to retain your top employees. You’ve spent months or even years grooming your employees to fulfill their highest potential. Now you can see the risk in having them leave, right when they provide the most value for your business.
The U.S. Bureau of Labor and Statistics reports that nearly 2 million Americans quit their jobs each year. Don’t let this alarming statistic impact your small business. Consider these ideas to retain your top employees so your business can reap the benefits of your own investment.
- Provide ample opportunities for advancement.
One top reason that people quit their job is to advance in their career. If you provide plenty of higher ranking and better paying opportunities for career-minded employees, you’ll be able to entice employees to move up within your company instead of looking elsewhere. Even small pay raises, along with better job titles, can be enough to discourage employees from re-entering the job market.
- Cultivate employee loyalty.
Employees who feel a sense of loyalty to you and their fellow employees are less likely to abandon ship just when their experience and skill level is at full sail. To cultivate employee loyalty, work on these aspects of your business:
- Build a team mentality.
When projects come up, instead of assigning one person to complete everything, break the project down into tasks and create a team to bring it to fruition. This will build camaraderie and a sense of accountability for each team member.
- Intertwine your brand with theirs.
Consider forming a sports team where your small business competes against other local small businesses in a friendly game of baseball, hoops, soccer, bowling, etc. If your town doesn’t have such an organization, you can work with the local chamber of commerce to create one.