Retaining top talent in small businesses is a challenge, but there are several ways to help your business attract and retain top performers. These include flexible work schedules, incentives, and pre-employment screening.
Pre-employment screening
Getting the right employee is critical for business success. In fact, Glassdoor reported that companies that have a good employee screening process are 70% more likely to hire high quality candidates. However, the process can be stressful for everyone involved.
To help businesses find the best fit, many have turned to pre-employment screening. The tests are designed to evaluate candidates’ skills and knowledge. This helps employers make more informed decisions.
Using pre-employment screening can also help businesses avoid hiring the wrong person. It can uncover important information about a candidate, such as a criminal history. Likewise, it can help to lower turnover and increase employee retention.
Pre-employment screening can reduce the number of applicants who apply for jobs. Moreover, it can save businesses time and money. Many applicants may not be a good fit for the job because of a bad background.
Some companies also use social media to screen applicants. Using the site allows them to verify a candidate’s identity, as well as their financial and criminal histories.
Flexible work schedules
If you’re looking for ways to attract and retain top talent in the small business world, flexible work schedules are one option. They provide employees with more control over their schedules, which in turn allows them to better balance work and personal lives. In turn, these employees can be more productive.
Having a flexible work schedule can also help increase employee morale and retention. Studies have found that the average employee who is given a flexible schedule is happier than their counterparts. Another benefit of flexible scheduling is that it helps to decrease absenteeism.
Some companies may be hesitant to implement flexible work schedules, but there are many benefits for both the employer and the worker. The main benefits include:
More than 80 percent of workers would prefer a job with a flexible schedule. A flexible work schedule can help reduce absenteeism and improve the overall productivity of your team.
Besides improving the workplace, flexible work schedules can also save your company money. For example, you can avoid paying for office supplies and utilities.
Incentive compensation
If you want to keep top talent in your small business, incentives can be a valuable tool. It’s a way to motivate employees and increase their productivity, while also demonstrating your commitment to the company’s goals.
Incentive compensation is typically outlined in employee contracts. Employees can receive bonuses when they hit certain milestones.
Small business owners should make sure to consider all of their options when creating an incentive plan. There are many types of incentives to choose from, including bonuses, benefits, and salary increases. Keeping top talent in your company is a crucial part of running a successful business.
When it comes to attracting and retaining top talent, you’ll need to think outside the box. While salary is still the most common form of compensation, other benefits, such as 401ks, paid medical and family leave, and paid vacation, can also work to attract and retain high performers.
For example, production-based bonuses could be awarded to employees who make the most widgets or the most customer calls. Alternatively, bonuses tied to seasonal production increases could be offered to employees who produce the most during that time period.
Employee engagement
If you’re interested in retaining top talent in your small business, it’s important to understand the role engagement plays in retaining your employees. Employees who are engaged in their job are much more likely to be productive and committed to their jobs. This increases productivity and overall organizational success.
It’s also crucial to understand that not every workplace has the same engagement needs. For instance, you may have a team of front line workers who are familiar with their job duties and know what to expect. However, if your company works on resource-intensive projects, you might need to hire temporary professionals to ensure your staff can continue to fulfill their duties.
One of the most effective ways to keep your employees engaged is to provide them with training opportunities. When your employees feel they’re learning new skills, they’re more likely to stick around for the long haul.
Another way to engage your staff is to provide them with flexibility. Providing employees with more options and giving them more freedom to decide how they work can lead to happier employees and more productive workers.
