An average US employee changes jobs about seven times during a career, and with millennials, that number is predicted to increase. These changes are tough for business owners like us who invest in training employees, introducing them to our key customers, and feeling like they are part of “the family.”
There is something you can do to stem the tide, however. Studies show that organizations with the lowest employee turnover focus on these five concepts.
Five Concepts to Keep Your Best Employees
1. Future Opportunity. Employees—especially millennials—want to move upward.
It may be tougher for you as a small business to provide this upward momentum, but, if you want to retain employees, you need to create some sense of opportunity for upward movement.
2. Ongoing Recognition.
In addition to awards and plaques, take time in-the-moment to praise the achievements of individual employees. Always be thanking people.
3. True Responsibility.
Hire good people, then get out of their way and let them own the specific tasks for which you hired them. This is good for them, good for you, and good for your business.
4. Company Culture.
Your company culture can be the differentiator that keeps people hanging on. And that is all up to you. As a business owner, you can create a fun, award-winning, exciting place to work. Really good employees are attracted to and stay with organizations that have a great culture.
5. Fair Compensation.
As a small business owner, it can be challenging to pay people what they are worth. So while doing the best you can with cash compensation, you’ll want to focus on other items on this list to retain good employees.