Meeting Employees’ Professional and Personal Needs
Going by what we hear from our clients, hear in the news and see on social media, workers are quitting their jobs, especially in the service industry. Hiring skilled and reliable new employees is more difficult than ever, which makes retaining your current staff more important.
At Global Financial & Leasing Services (GFLS), we understand how this hiring crisis is impacting small and medium-sized businesses. Our team wants to help you make it through any labor shortage you’re experiencing—like most things, this too shall pass. But, in the meantime, here are a few great ideas to help you retain qualified employees.
Stay Competitive
One of the most common reasons why employees leave their current workplaces is because they have found higher salaries and better benefits elsewhere. Therefore, you should periodically check job listings to see whether your company’s compensation is competitive.
While your business may not always be able to compete with bigger companies in terms of pay and benefits, there still is much to be said about a work culture and environment. Few employees will leave a job and team they enjoy over a few dollars. If you find you’re at risk of losing a valuable team member, talk to the person and see if you can negotiate terms that will persuade him or her stay. Remember that replacing a seasoned employee will always cost more than giving him or her a raise.
Encourage Professional Development and Growth
Good employees want to grow alongside your company. New hires will want to learn as much about their positions as possible, and seasoned employees will want to update their skill sets and move up the ladder. If possible, offer training and opportunities that lead to advancement.
No one understands your business better or is invested in its success more than your long-term employees, which is why so many companies tend to promote from within. Encouraging professional development and growth is a smart strategy to create a dynamic and motivated team.
Upgrade your Equipment
Another chief complaint of workers is that they have to fuss with outdated equipment at the office or on the shop floor. Brick-like laptops or machinery that needs constant repairs can be a major source of frustration for dedicated and productive employees.
If upgrading your equipment seems like overkill to retain employees, think of it this way… the less down time due to outdated, slow equipment the more uptime and productivity gained. Plus, if you work with an equipment financing partner like GLFS, obtaining new equipment can be surprisingly easier than you think.
Show Appreciation
Whether it’s a simple “thank you” for a job well done or giving public shout-outs to those who go above and beyond, employees notice and appreciate when management commends their hard work.
You can also create a culture of appreciation by offering rewards for outstanding work. For instance, giving a team a bonus for finishing a project early will not only motivate them, but will also incentivize them to stay with your company. If financial appreciation isn’t possible, host a company-wide lunch, sponsor giveaways or even branded items. Efforts that show employees they are valued in a real, tangible way goes a long way.
Listen to your Employees
The most important part of any retention plan is to simply listen to your employees. Exit interviews, post-training discussions, company or department meetings, and periodic one-on-ones allow you to gather feedback from current and departing employees about their role, their supervisors and your company as a whole. You can use that feedback to make improvements to your work environment.
The labor market is tough right now for employers. We hope these ideas help you retain your best employees, and if there is anything our team can answer or do for you, get in touch.