5 Tips on How Small Businesses Can Improve Employee Retention

Employees are a valuable investment for a business, and retaining talent should always be a top priority of any organization. However, it’s easier said than done. At the height of the pandemic, the Great Resignation started to become a global phenomenon. And based on data from the Philippine Statistics Authority, 91 out of every 1,000 workers in the Philippines had left their jobs in the last quarter of last year. 

Employee departure can be especially tough on small businesses, as it can cause projects to fall through the cracks and deal a great blow to the company’s finances. The good news is that there are specific actions organizations can take to avoid these setbacks and improve employee retention. Here are some tips.

Hire the right talent

Successfully retaining talent begins with hiring the right people for your company. To do this, design a comprehensive recruitment process to identify candidates with the right set of skills and qualifications for the role you’re trying to fill in. It’s also important to evaluate them based on your company’s culture and core values.

The onboarding process can also make or break the entire experience for your new hires, so make sure to develop an efficient process that can help them ease into their new job. A good onboarding process also involves setting clear expectations for their work so they won’t end up feeling frustrated or incapable, which could eventually lead them to jump ship.

Offer flexible work options

Flexible work options are one of the top things employees now look for in a job. The pandemic has changed how people work and workspaces are never the same. To keep employees, businesses must now adapt by offering hybrid, work-from-home, or remote working setups.

Flexible working is a win-win for both companies and employees because it can save businesses more money and give  employees an opportunity to choose the working style that best speaks to their lifestyles while allowing them to put their best effort at work. A more flexible work routine can also boost positivity and collaboration across your team, thus increasing employee satisfaction and loyalty.

Develop your employees 

Employees love it when their job allows them to develop their skills and spread their wings. So, having a good training and development strategy is crucial to engaging and retaining skilled talent. Make sure that there are enough opportunities for coaching and mentoring. Invest in employee professional development programs as well to help your teams hone their skills and maximize their potential. Having these types of initiatives gives employees a sign that the company treats them as valuable components of the organization. And employees who feel valued at work tend to stick around for the long haul.

Create an inclusive environment

An inclusive workplace helps retain employees as it makes everyone feel safe and valued. It creates a space where everyone can connect with each other more meaningfully and express themselves more without fear of being judged. It’s then important to take steps to make sure each team member feels appreciated for who they are. A good starting point is encouraging your employees to use inclusive language within the organization to ensure all identities are respected. You can read more about it here.

Recognize employees’ work and effort

A great way to motivate and retain employees is to recognize and value their contributions. Make them feel appreciated at work and develop a sense of belongingness among team members by creating a peer-to-peer recognition program, highlighting success stories, and showing case studies that show how their efforts have borne fruit. Building a culture where recognition is a common practice will help your employees understand how they are making an impact and encourage them to pursue the opportunity to grow with you.

Keeping employees happy and engaged is a challenging and continuous process. But developing an effective employee retention strategy that gives employees good reasons to stay other than the paycheck is very doable and worth all the effort. After all, retaining employees is a win-win for both businesses and workers in the long run.

Empower your workforce and help them thrive in the modern workplace with the most reliable professional tools for businesses of all sizes. Click here to explore work essentials from Dell. 

Reading list:

18 Strategies to Increase Employee Retention 

Effective Employee Retention Strategies for Small Businesses 

How to Improve Employee Retention: 5 Ways to Keep Your Employees