Cost Effective Staff Retention in SMEs

Staff retention can be a real struggle in the current market. Company leaders understand that employee turnover is expensive. This is very much the case for SME’s especially as in most cases they are competing with larger more established corporate companies.

Many job seekers can be lured by the potential perks offered by a larger corporate, but this environment does not suit everyone.  Whilst benefits and brand names are important it is career progression and development opportunities that are more likely to attract and retain people – things an SME employer is in a great position to offer. So, how can you leverage this, and other factors to keep hold of your top employees?

Assist employees to upskill and develop

When organisations invest in employees, they are investing in much more than just their salaries.

Put in place personal development plans, empowering your employees to come up with their own plan is key to the success of the upskilling training program.

Upskilling training has an abundance of advantages, from improving employee motivation to saving the company money. And it doesn’t have to cost a fortune.

Promote and encourage a good life-work balance

 Larger organisations may have the lure of larger salaries and greater benefits however generally speaking these rewards to do not come to the employee without the cost of huge commitment and possibly extensive travel/commute requirements.

 Some ways of promoting life-work balance in the workplace:

Promoting fitness in the workplace for improved health and wellbeing

Employees who perceive their company as having a strong culture of health are happier, less stressed, and more likely to take control of their well-being than employees in other companies.

Work from home

Allowing employees to work from home on a regular or as-needed basis helps employees stay productive while taking care of personal needs such as caring for a sick family member or waiting for the plumber to arrive.

Instill a Positive Company Culture

It’s important to understand that this process happens organically. Culture is going to develop whether the leadership intends for it to or not. It does not require a great deal of time or effort in order to mold company culture into a positive form, it truly just involves realizing how powerful the process is and creating it intentionally rather than unintentionally.

Some starting points to assist in creating a positive workplace:

  • Give positive reinforcement
  • Show gratitude
  • Spread happiness by being happy
  • Motivate others
  • Celebrate wins with others

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