Smart Small Business Strategies – Tips for Retaining Your Top Performers

Hiring and training employees is one of the biggest expenses many small business owners face. Finding workers with the right skills and a solid work ethic can be difficult. The last thing small business owners want is for the workers they have trained so carefully to walk out the door.

Retaining quality employees can be even more important, and more challenging, than finding good workers in the first place. The top performers at your business will be just as attractive to your competitors. If you want to keep them on the payroll, you will need to take care of them properly. These tips can help you retain the best workers in your business and keep your competitors from enticing them to leave.

• Do your homework. Find out what your competitors are offering in terms of pay, benefits and other perks. If your firm is not competitive, top performers are unlikely to stick around.
• Use financial and non-financial incentives to reward your best employees. Raises and bonuses will always be welcomed, but a sincere thank you for a job well done can be remarkably effective.
• Keep the lines of communication open and make sure employees know what is expected of them. Give top workers a chance to grow within the organisation and reward them when they go above and beyond their job descriptions.
• Consider an employee stock option or employee stock purchase plan for your workforce. Giving front-line employees a stake in the future of the company can be a strong incentive.
• Think about hiring a dedicated human resources manager as your company grows. Your company could benefit from a human resources manager if the firm employs 100 people or more.
• Offer ongoing training to help top performers qualify for promotions and raises. Promoting from within is good for employees and employers.
• Talk to your top workers and let them know they are doing a great job. Counsel poor performers and help them improve.
• Always do an exit interview when top performers leave the company. Find out why they are leaving, where they are going and what you could have done better. Constructive feedback can improve your company and help you retain your other top employees.

No matter what the nature of your business, the employees you hire are the key to your success. Your front-line workers are the face of your business to the public, and your support staff is there to solve problems and free you up for more important tasks. Whether you just started your business or have been in operation for years, taking care of your best workers now will help ensure they are there to take care of you, and your customers, later.