Employee Retention Tips for Small Businesses

Employee Retention Tips for Small Businesses

Small business must compete with large businesses in order to keep their best and brightest employees.

Great employees are the gears to a finely tuned watch that turn the hands with exact precision. However, it is up to the employer to keep these gears properly maintained and polished to perfection. Losing employees is a concern for all businesses, but particularly small businesses because of the cost associated with this loss. Here are ways that small businesses can keep their best employees around and compete with larger competitors.

  1. Acknowledge Achievements

Aside from money, all people want to feel like they are a part of something bigger. No employee wants to feel like they are a gear of a dull and boring watch. Make sure to send your employees regular messages acknowledging their achievements. This goes double for Millennials, who thrive when given acknowledgments.

  1. Compensate Creatively

You may not be able to compete with the salary that other companies offer, but that doesn’t mean you can’t entice your employees with other benefits. Multiple work-from-home days, bonuses based on performance, flexible work schedules, and non-medical benefits can all earn the loyalty of your employees.

If you want to retain your best employees, it may pay to take these tips into consideration. Contact the independent insurance professionals at Udell Family Insurance in Westlake Village, California for all of your commercial coverage needs!

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