3 Ways To Protect Some Of Your Greatest Assets
Retaining great employees is crucial for business success, as finding and training new staff can be costly and time-consuming. To keep employees satisfied, offer growth opportunities, such as allowing them to take on higher-level responsibilities, attend conferences, or accompany you on business trips. Hire the right people by learning effective recruiting techniques and asking the right questions during interviews. Lastly, maintain open communication, set clear expectations, and address problems swiftly. Regularly show appreciation for your employees' hard work, as positive reinforcement builds loyalty and trust.
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When you own a business, one of your greatest assets is undoubtedly your employees. Valuable, talented, and loyal employees can be the ticket to your success. A good employee is difficult to find, and recruiting and training a new employee is time-consuming and expensive.
So once you find a great employee, it’s in your best interest to retain him/her as long as the relationship is mutually beneficial. Typically, employee satisfaction reflects the overall morale of your company, and low employee satisfaction can drag your business down.
Here are some tips that will help you maintain the best possible employee satisfaction:
1. Provide opportunities for growth
You might not be able to offer the same type of career advancement that an employee climbing the corporate ladder would experience, but it’s likely you can offer a lot in the way of growth and opportunities. Be careful not to overwork or exploit an employee’s enthusiasm, but allow an ambitious employee work at a higher level on client projects. Provide opportunities to attend conferences, training, or events. If interested, let a standout employee accompany you on business trips to exciting locations. Give employees the chance to step into leadership and truly shine using their greatest talents. If, in your heart, you believe an employee has outgrown the opportunities available in your business, serve as a mentor to help make a career transition. This goodwill gesture will pay off for both of you.
2. Hire the right employee for the job in the first place
Many small business owners have little exposure to proper interviewing and recruiting techniques. I don’t care how busy you are, it’s worth it to sit down and get some training or coaching on how to identify the right person for the job. Read about creating appropriate job descriptions, get clear on the skills and experience necessary to do the job well, and ask the right behavioral-based interview questions. Check references and look for evidence of previous success in a similar job.
3. Keep two-way communication flowing
Make sure you communicate as openly with your employees as possible. Give clear instructions and set expectations so there are no surprises. Address problems quickly, and work to ease anxieties as quickly as you can. Don’t make the mistake of letting rumors and frustrations circulate without speaking to your employees. Keeping your head down and your door shut, especially during times of uncertainty, will cultivate an environment of worry and undermine trust. Also, a little positive reinforcement goes a long way. Take the time to recognize a good job and let your employees know often how much you appreciate them.