Employee retention is an important small business concern

What is the meaning of Employee Retention?

Employee retention means that the employees of the business get a good salary and benefit from there that they don’t seek another job and would love to remain in your company to work for you.

Employee Retention Importance:

Many small business employees admit to “always being on the lookout for better employment.” This does not bode well for business owners who have invested time and money to hire and train their staff. Constantly orientating and integrating new employees into your company takes valuable work time away from those who must train them, and from the business, in general.

How do you do Employee Retention?

  1. Competitive Salary and Benefits
  2. Connect With Your Employee
  3. Mentorship Program
  4. Encourage Employee Creativity
  5. Discuss Things, Don’t Argue
  6. Reduce Employee Pain
  7. Be a Leader, not a Boss
  8. Acknowledge Milestones
  9. Work-life Balance
  10. Be A Brand They Can Proud

importance of retention of employeesThere is a lot of competition, and small business employee retention is difficult due to the benefits and salaries that larger businesses can afford to offer.

To understand employee retention importance there are a few things that you, as a small business owner can do to make your employees feel important and appreciated. It needn’t be a large, time-consuming effort on your part, but is a necessary component of running a healthy, sustainable small business.

How can you do Employee Retention?

Recognizing that employees are doing a good job is really one of the best moves a business owner can make toward keeping quality workers in the company. Employees that feel their hard work is appreciated are proven to record higher job satisfaction numbers. You don’t have to implement a whole program of awards or spend a lot of money on recognizing your employee’s good work, just letting them hear it from you will mean a lot to most of them. 

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Joseph Ferriolo

Director at Wise Business Plans®
Joseph Ferriolo is the Director of Wise Business Plans. He has overseen over 15,000 written business plans during his tenure, raising over $1BN in funding and providing 30K+ consulting hours for startup companies.

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