A recent article, How to Prevent Top Talent From Leaving Your Small Business by Chris Rush says that increased wages is the most apparent method to improve employees engagement. However it doesn’t always address the real cause of why they decide to leave.
Fortunately, there are several ways to retain talent that are more effective than simply increasing salaries.
Offer Retirement Benefits
Most small businesses aren’t providing retirement plans to their employees due to high cost and complexity. However, there are many low-cost, easy-to-manage retirement plans available! When implemented properly, retirement benefits can both promote loyalty and foster employee satisfaction, which eventually help companies retain talent and create a better workforce.
Implement mobile applications
Millennials are the majority age group in the workforce these days. Times have indeed changed. This demographic has a different set of workplace priorities and often demands advanced tools and resources, which are frequently mobile-enabled. By implementing mobile applications, organizations can make significant progress in attracting millennial workers while promoting a culture of self-service and flexibility.
Promote company culture at all levels.
Small businesses should constantly evaluate whether their existing employee policies/ practices reflect their values. Also, employee policies should reflect the actions and character of the company’s leadership. When leadership “walks the talk,” it often results in happier employees. Employees feel they are working for a unified business that actually means what it says.
Offer challenging tasks
Offer a range of tasks that allow top performers to handle new or high-profile projects. Doing so helps employees avoid boredom while cross-training employees on new responsibilities.
Be ready to flex.
Adopt flexible work arrangements, such as the option to work from home or day offices, flexible working time options, compressed work weeks or reduced hours during summer or on Fridays. These can help minimize unscheduled absences while showing employees you value their personal time and work-life balance.
Top talent will inevitably leave your company at one time or another yet you can limit turnover by understanding their needs and appreciating their contributions to the company. YourOffice can help you with some aspects that will attract and retain talent. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team office space and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.