It’s always nice when you figure out little life hacks to make your things easier. When you do figure them out, it’s as if a light has been turned on and choirs of heavenly voices sing, isn’t it? So, when it comes to your small business, we’ve rounded up eleven life hacks to increase employee retention.
1) Hire the Right People
You might be thinking, “okay, hire the right people? That’s not a life hack, that’s common sense.” But, you’d be surprised to find out many small business owners forget about this. They get caught up in the hiring process and forget that, ultimately, you need to hire a candidate who fits like a glove. Now, don’t take this as advice that there is a candidate who will 100% meet every need you have, rather, find a candidate with a great balance of experience, a positive attitude, willingness to learn, and appropriate education for the position.
2) Evaluate Employees’ Performance
Let’s think of your small business as a zoo. A zoo without any sort of order, training, and rewards is a crazy one indeed. So, make sure your small business is one with order by tracking employees’ performance. It will allow your employees to see their progress and know where to improve. Your employees will feel accomplished and valued knowing you care about their development.
3) Track Overall Employee Satisfaction
You might think you’re doing everything correctly, but if your employees don’t think so, they won’t stick around. The solution? Track their satisfaction. Make an anonymous survey allowing each employee to rate their overall satisfaction and give suggestions. Furthermore, you’ll benefit by tracking each year and comparing your performance. It allows you to make appropriate changes based upon what the employees want and is a great life hack to increase their retention.
4) Make Communication Your Company’s Forte
Remember the example of a zoo without order? Chaos. And a small business without communication is equally chaotic. Why? Communication is the basic means by which human beings accomplish tasks--it’s the same at your small business. When your employees are communicating efficiently, everything is accomplished in a quicker, more accurate manner. This life hack will not only increase employee retention, but it will make your small business more successful as well.
5) Be Transparent with Your Employees
Although this life hack is uncommon in a small business, it’s one that will boost employee retention greatly. How? Your Employees don’t want to be left in the dark. When you’re transparent with your employees, you’re showing them you trust them. Additionally, you never know, if you’re transparent about company obstacles, your employees may have a solution to your problem, too.
6) Offer the Best, Affordable Healthcare Benefits
You might think it’s impossible to offer affordable healthcare benefits to your employees, but it’s not the case. While traditional employer-sponsored group health insurance has become unaffordable over the years, new, affordable options have come out of the woodwork. One of those is individual health insurance. In fact, did you know individual health insurance is 20% to 60% less than employer-sponsored group health insurance on average? Also, did you know you can reimburse your employees for their individual health insurance premiums? Offering affordable healthcare benefits is a great life hack to ensure your employees will want to stay with your small business.
7) Involve Everyone - Make the Company Everyone’s
Many people want to own their own small business, but because it’s a lot of work, most people will not ever open their own company. So, what can you do? Make your company just as much theirs as it is yours. In other words, involve your employees in the company’s decisions. And with a small business, it’s easier to get everyone’s input. This will help your employees feel needed and part of something bigger.
8) Pay Above the Labor Market
Paying your employees above labor market is worth it. Think of it this way, if you were employed by a company with a great culture and paid you more than other companies were, wouldn’t you want to stick around? Most people would. Remember this when deciding what to pay your employees.
9) Make Work Fun
Speaking of working for a company with a great culture, how is yours? Do you and your employees have work hard and have fun? Truth is, if you’re working too hard and not having any fun, your employees’ attitudes will slowly become less-than-enthused. Don’t be scared to have a day where you all go and do something fun. Your employees will feel build better relationships with one another, and, they won’t have a desire to work elsewhere.
10) Don’t Overwork Your Employees
As important as working hard is, overworking your employees is never the answer to success. In fact, did you know, based on a survey, 50% of employees check their email on weekends, 34% check their email on vacation, and 22% of employees are expected to answer emails outside of work? Don’t be one of those employers if you plan on keeping your employees. Let your employees enjoy their weekends, evenings, and vacation for higher productivity.
11) Have a One-on-One
We’ve talked about communication and having a one-on-one with your employees is extremely beneficial. Why? Doing so shows your employees you want to know them on a personal level, rather than a collective group. Even if you only have a one-on-one twice a year, it’s better than not at all. You develop a great relationship with your employees, plus, you increase employee retention--a great life hack.
What’s the takeaway from these eleven life hacks for better employee retention? The employee. If you can learn to focus on your employees and take care of them, they’ll stay with your small business longer. Give each of these eleven life hacks a try, you’ll be glad you did.
Download our employee retention eBook to learn how to keep your most valued employees without breaking your budget.
What other life hacks would you include on our list? Comment below, we’d love to hear your thoughts and wisdom!