It is a common perception that large organizations offer better salaries, work environment, work-life balance, stability, etc. which are the key attractions for employees. Big companies often have policies targeted to reduce the attrition rate and retain employees. These policies usually revolve around providing bonuses, promotions, or even salary hike to deserving employees in order to persuade them to not leave.
This does not mean that small businesses cannot retain employees. It is true that there will be limitations in terms of what you can offer, but then there are a few strategies that if followed correctly can help you retain employees.
Begin with the Hiring
If you are looking for the strategy to prevent an employee from leaving, skip to the next section. This section is about getting it right from the beginning. Hiring the right employee does not only mean that he or she should be extremely talented, it involves matching the person’s skill with the opportunity you have.
If a person is too talented for the position or his or her expectations or passions are not same as the job, then he or she is likely to leave irrespective of what you do. For example, if you are small Software Company looking for a tester, do not hire developers as testers because after some time the work becomes monotonous and boring for them.
Exceed Expectations Where You Can
As a small business offering the type of salary that big companies offer might not be possible for you. But, there are a lot of other things that you can do to keep your employees satisfied. Employees find delight in small things as well. Ensure that you have a good leave policy, appraisal, promotions, decent working hours, sufficient holidays and week-offs.
Additionally, perform your role as an employer effectively. You are expected to pay salary on time, provide a safe work environment, and facilities. Ensuring perfection in these areas can assure you that employees are not leaving because of irregularities in things that could have been taken care of.
Maintain Good Communication
There are numerous surveys that highlight the reluctance of employees to share feedback. Many times, organizations conduct sessions where employees can speak their mind, but, employees are not completely honest in their feedback probably because of past experiences or apprehension of losing a job.
As a business, you should engage with your employees in a healthy, professional, and unbiased communication to understand their grievances. Sometimes, all you need to do is listen without defending. This involves having HR perform their function without intervention from management. For example, if you are a Software company, then give your HR some level of authority where they can interfere and resolve issues.
Finally, be ready for the discussion. An employer needs to be exceptionally talented at negotiation so that when you sit with the employee for a discussion on retention, you can offer what is feasible and convince employee. The most prominent aspect of the discussion is about the hike that the company is willing to give. Be prepared with a reasonable solution.
Adapting these techniques should help you retain talent and have a great experience running a business where everyone is content.