One of the biggest problems faced by many industries today is the issue of employment turnover rates. In some cases it may be because the work itself is just not the type of thing that people generally stay in over the course of their lives. And in other cases, the problem may be with management. Now it’s only natural that workers should change over time, but where it becomes a problem is when a business is not able to hang onto anybody. This can be a real problem for small businesses because training costs in money and productivity. Here is some advice on employee retention for small businesses.

– Foster An Organisational Philosophy

This doesn’t necessarily mean but could include group talks and gatherings, but the idea is to make sure that there is a standard in place that people can rally behind. If you have rules in place that force employees and management to work as a team and treat each other and customers with respect, it can help in establishing rapport between individuals. Other ideas could include making workplace goals or giving people treats such as pizza or drinks in exchange for performing well. Try to find ways to establish teamwork.

– Be Generous With Bonuses And Holidays

Another way to keep people wanting to work for your company is by not being stingy with bonuses and holidays. If people do a good job, don’t be afraid to show it. If you really can’t afford to give bonuses to everybody, consider reserving those bonuses for management positions while allowing people to take holidays and breaks. This is likely to increase productivity when combined with a team mentality towards getting work done. The idea is to make sure that people are able to appreciate working for an employer who doesn’t ask for the moon while failing to practice any reciprocity towards the workers that make operation possible.

– Pay Competitive Wages

Way too often what happens is that people may truly enjoy working for a particular business, but when a higher paying opportunity comes up they are forced to leave. One method of preventing this approach is to make sure that what you are paying people is competitive or at least close to it. That doesn’t mean overpaying people to make them stay, as eventually workplace changes have to happen. However the key here is to make sure that you are paying below minimum wage for work that sees most people making twice that amount.

Employee retention is a tricky thing for even larger businesses to negotiate effectively. The reason for that is that many people have different motives for leaving. If a business is failing to keep workers, that means that most likely something needs to change in the management of employees. Some ways to encourage people to stay are to start by fostering a team-oriented workplace philosophy, being generous with bonuses and holidays where possible, and by paying people well for the work they do. The key here is to make sure that workers are in an environment that shows them that employers would like them to stay.

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Category: Business Management
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