Running a professional business and making it ‘look’ professional can be two separate entities. A lot of what makes our business an efficient and professional practice is in how we treat our employees. Lots of small businesses make the mistake of either running a business with a too-relaxed approach or either being incredibly strict or micro-managing to the point where their employees are not able to reach their best potential within the role. This is why sometimes we can all benefit from remembering what will keep our employees with us in the long run, including the following 4 strategies.
By Team Savant
Image: Meghan Lamle
Sticking Within the Legal Parameters
If you have an employee who is particularly studious when it comes to the legalities, you could find yourself in hot water if you make a misstep. There are so many little things that you need to do, such as an employer identification number (EIN). You can apply for an EIN online easily and it is one of the most important legal steps in establishing a business entity. When you stick within those legal parameters, you are sending those little signals to employees that you are taking it all seriously.
Those cowboy business owners who are extremely dishevelled in terms of their working practices raise more than a few eyebrows, and this means that employees never stay the course. It's far better to follow the rules and understand the rules at the outset because it's not just a collection of red tape, but is something that can ensure that you conduct every part of your business practices diligently and with due consideration for everyone, including your employees.
Invest in Training and Professional Development
Employees need to progress. Keeping an employee in one position for even as little as a year can mean they get bored and start to look elsewhere. You need to demonstrate your commitment to your employees' long-term success at the company even when there are just a handful of employees.
They need access to training programs and should have clear career paths. When you invest in employees' training and development, you're showing them that you are taking them seriously.
Competitive Compensation and Benefits
It's something that is generally part and parcel of bigger businesses, but if you can show your employees you value them by providing competitive base salaries, benefits packages, bonuses, and health care benefits, they are less likely to seek opportunities elsewhere.
Flexibility
It's something that should absolutely form your company's culture. When you show employees that as long as they do the work, it doesn't matter how they do it, it's going to be an effective employee retention strategy. It also means that you trust your employees to get on with the work in any way they choose.
We don't live in an era of strict processes anymore, especially in small businesses. When you start to look at what will keep your employees in the long run, flexibility is one of those things that can make the difference between hiring the perfect employee and someone who is purely a placeholder within the organisation.
There are so many practices, but ultimately, you need to create an environment where employees feel valued. Get this right and they are more likely to stay the course.