Employee retention is important for any business that is striving for long-term success. Failing to retain key employees is costly and can disrupt operations by creating excess job duties that other co-workers must take up, not to mention the time invested in recruiting, hiring and training new employees.

To keep disruption and costs to a minimum, you must keep your team happy and content to deter them from looking elsewhere for employment. Here is some advice on how you can retain your most-valued employees.

Pay them on time

Sometimes, small companies can feel like a family and the closeness can often blur the lines of professionalism. No matter how close you are to your employees you must remember that this is their job, and they rely on their wages. You can get payroll software designed for small companies to help you keep on top of payroll and make sure everyone is paid accurately and on time.

Provide quality management

One of the major reasons that companies lose employees is because of poor staff management.  Make sure those in management positions are clear communicators and take an active interest in their subordinates, providing both constructive feedback and praise for a job well done. Hold regular employee catch up meetings and make sure job roles are clearly defined with no grey areas of undefined work or duties.

Feedback

Take feedback from your employees – provide a platform where your staff can speak their minds about their experience. Provide a space where people feel comfortable providing feedback and expressing concerns without fear of being chastised or punished. Not only will this help with employee satisfaction but it can also lead to major improvements in the business as a whole.

Invest time and training in your employees

If an employee is falling behind, take the time to find out why that is. Do they need additional training? Are they feeling stuck in their role? Are they lacking the tools necessary to do their job well? Offer all the support and training they need or else they may find another company that does.

Know your employees

Uncover their strengths and weaknesses so you can properly utilise them and offer them new challenges that can help them grow their careers. Tap into their talents and their previous working experience. Do not let your employees get bored or stagnant in their roles – help them to reach their full potential and in turn, you will benefit from their continued employment.

Appreciation

Make sure your staff feels appreciated – constructive criticism is vital, and you will undoubtedly need to advise or amend work that your staff have done on the odd occasion. However, recognition and praise are just as important. Make sure employees’ hard work is recognised. You could offer monetary rewards or gifts for a job well done but a simple acknowledgement can go a long way towards keeping your staff happy.

HR Future Staff Writer