As a small business owner, it’s important that you understand the role of talent retention for your growth goals. An unpredictable or changing workforce can make it difficult to adequately plan and implement any kind of business growth, especially when you end up spending a lot of time training new talent. Want to attract great talent? Then take a look at your employee compensation strategy. Here are a few ideas to help you adjust your employee compensation strategy in a way that will help you retain your staff.
Encourage A Company-Wide Work-Life Balance
It’s a common struggle these days to try to fit family care and work demands into the same schedule. As a result, many incoming applicants are going to be looking for options in their compensation package that allows them to work flexible hours, work from home, or otherwise meet family demands as well as those of their job.
When you offer these things as a default part of your employee compensation strategy, you’ll be more likely to recruit and retain the talent that you want. When candidates don’t feel as though they have to negotiate their needs, they feel more valued. This can be a deciding factor for would-be employees as they weigh job offers from multiple companies or decide if they are going to stay in their current role.
Reinforce The Value Of Continued Education
Offering continued education options, especially those that are company-paid, is a great way to invest in your workforce. Continued education helps your employees to refine their skills and grow in their careers.
When you pay for this type of offering, you’re encouraging loyalty in your company, because your employees will feel as though you appreciate them enough to help them grow. Your company will benefit as well because you will be keeping your staff at the top of the newest trends in the business. You can leverage those new skills to help your business grow successfully.
The best way to do this without breaking your company’s operating budget is to work with a local educational facility to negotiate a corporate contract. Sometimes, those contracts come with discounted tuition rates in exchange for the commitment to use them for all of your staff’s needs.
Motivate Staff With Performance-Driven Compensation
Building a workforce that’s dedicated and motivated often means offering staff an incentive for top-tier performance. Create a bonus structure that will reward success and goal achievement. These types of bonus structures help employees to know exactly what is expected of them and what they will receive if they meet these goals.
You can pair the bonus structure with routine performance appraisals. During those meetings, set the goals for each employee so that they fully understand the targets they are working for. The more you can encourage your staff, and the clearer their targets are, the more successful your business is likely to be.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more interesting topics to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.
Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.