Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 18th August 2015
As your business grows, you’ll find yourself needing more people. While finding good people who share your values is never easy, it’s only the start of your new role as an employer.
Good employers realise quality people always have a choice and the option to market their skills elsewhere if they’re not happy. They also know that taking the time and effort to retain good employees is far cheaper and less disruptive to their business in the long run than recruiting over and over again.
So what’s the secret to motivating and retaining employees? As with most inexact sciences, there isn’t one. But there are measures you can take to motivate and retain employees. Here are seven of them.
Let your employees know where you plan to take your business – and how their role contributes to that goal. This will show them that you’re looking beyond mere day-to-day existence and help them spot opportunities for their own personal growth.
Getting to know your employees will a) help you discover their strengths and b) show them you value them as individuals. This could lead to you tweaking their role or working arrangements specifically around their skills, aspirations or personal needs – all of which helps to keep people motivated.
Set aside time to teach people skills and processes specific to your business. If you can afford it, put some money aside for a training budget. This again shows that you’re serious about helping your people grow.
Set targets and key performance indicators. Offer rewards. Link these to your wider business goals and do everything you can to help your staff reach them. Make them realistic, though, as unachievable goals will have the opposite effect to the one you want.
Leading by example is imperative in a small business. Your own actions, attitudes and approach to work will set the tone that others will follow. Be the worker you’d want to employ yourself and establish the standards you want your staff to uphold.
There’s no getting round this one – remuneration is one of the biggies when it comes to employee retention. Keep abreast of the salary surveys in your market sector and geographical location and be as competitive a payer as you can. Consider share option schemes too. As well as enhancing your employee’s financial package, they’ll also bind them even closer to your company’s cause.
Develop a social side to your business. Whether it’s paint-balling, go cart racing, a golf day, curry night or a week in Marbella will depend on the type of people you hire and, of course, your budget. However, giving your people the chance to let their hair down is great for team spirit – and that’s ultimately good for business.
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