6 Tips for Holding Onto Your Best People
In today’s competitive employment market, attracting top talent can be challenging, but retaining your valuable team members is equally critical. With candidates having a plethora of options, the competition for skilled workers is fiercer than ever, especially for small business owners who might not have the resources of larger corporations.
However, there are effective strategies to boost retention in 2023. We’ve gathered insights from two small business owners with impressive retention rates. Here are six tips to help you keep your best employees.
1. Get Serious About Flexibility
Business advisory firm SEIVA, which employs 27 people, was recognized as the 13th Best Workplace in the small business category by Great Place to Work® in 2022. SEIVA Managing Director Brent Szalay emphasizes that flexibility is integral to their company culture.
“We have two designated days each week when we encourage everyone to come into the office. These days are reserved for workshops, training, and meetings that benefit from face-to-face interaction,” Szalay explains. “On the other days, our team can choose to work from wherever they feel most productive.”
Szalay adds, “We’re also flexible with work hours. Our focus is on the quality of the output rather than the hours clocked. It’s about trusting and empowering our people to communicate effectively and maintain high standards of work and productivity, regardless of when or where they work.”
2. Be Creative with Work Perks
While competitive salaries are essential, additional perks can make employees feel valued and appreciated.
Applejack Hospitality, which operates nine venues across Sydney and employs nearly 300 people, aims to provide perks that resonate with their employees. For instance, staff members receive credit through a mobile app based on their tenure with the company, which can be spent at any of Applejack’s venues.
“Every night, venue managers nominate a front-of-house or kitchen staff member who exceeded expectations. At the end of the month, each venue selects a ‘Unicorn of the Month,’ who receives a $100 credit on their Applejack app,” says Matt Jenkins, Director of People & Culture at Applejack Hospitality.
Consider offering unique perks that recognize loyalty and outstanding performance in your business.
3. Champion Employee Wellbeing
Both Applejack and SEIVA invest in employee assistance programs that provide free, anonymous counseling services to their staff.
“It’s a cost-effective way for small businesses to support employee wellbeing,” Szalay notes. “We pay an annual fee, and it’s a great investment.”
SEIVA also conducts regular one-on-one wellbeing meetings with employees. “These meetings focus on the person, not their work,” says Szalay. “We also send weekly wellbeing pulses to employees, asking a few questions about how they’re feeling about work and their personal lives. This feedback helps us make improvements where necessary and gives us insight into our team’s wellbeing.”
4. Foster Trust and Transparency
Job security is a high priority for employees, especially during uncertain times. Szalay emphasizes the importance of creating an environment of trust and transparency.
“We ensure our workplace is a safe space for everyone to contribute. We want our team to speak up so we can continually improve, learn, and grow,” he says. “We make it clear from day one that we value all contributions, regardless of how much someone knows. Building trust is a core focus for us.”
5. Walk the Talk on Career Development
While industries like hospitality are often seen as stepping stones, Applejack aims to help employees explore rewarding, long-term career options.
“We want to create a fun and engaging workplace where people can discover their career paths in hospitality,” Jenkins explains. “We offer management training opportunities and secondments, allowing employees to gain hands-on experience before fully committing to a management role.”
SEIVA is also dedicated to career development. “We have career vision boards for everyone, outlining where they want to be in three years and how we can help them get there,” Szalay says. “This includes their motivations and the skills they need to develop, with a clear plan that everyone is accountable to.”
6. Enable Two-Way Communication
Employees are more likely to stay with a company where they feel valued and heard. One way to achieve this is by actively listening to their views and sharing business information.
“Applejack holds regular development days to hear from all staff,” Jenkins says. “They know our business from the inside, so it’s important to give them an opportunity to share their ideas.”
“We also keep everyone informed about how the business is doing, which was especially crucial during COVID lockdowns. We didn’t have all the answers, but our priority was to be honest and open with everyone.”
In a candidate-short market, effective retention strategies are more valuable than ever. By implementing these tips, you can give your employees many compelling reasons to stay with your company. At PopHub, we’re committed to supporting you in building a thriving business and ensuring your team’s success.
** Source Seek employment