Entrepreneurship 101: How to Keep Employees

Losing an employee that could be a great asset to your company can be disheartening. To avoid such situations, here are some entrepreneurial tips on how you can keep your employees and attract others to work at your company:

Stick to Fair Market Wages

Paying your regular employees with below-the-minimum wages may not only be illegal, it will also make them look for other opportunities the minute they sign the contract. To make sure that the wages you offer to your employees are fair, check out market trends and the latest wage rates from the government, associations, and recruitment firms.

Deal with the Underlying Factors

If you’re dealing with high turnover rates, discussing the possible factors with the employees is a good idea. By having a sit-down talk about why an employee wishes to leave can help you figure out better strategies that can effectively attract and keep employees.

Offer Other forms of Financial Appreciation

Aside from the basic wage, employees greatly appreciate bonuses and incentives. These financial forms of appreciation can include stock plans, performance bonuses, and better benefits. When it comes to better benefits, regular trips or excursions, car or house lease, retirement plans, childcare subsidies, club memberships, and tuition fee reimbursement can keep employees happy and satisfied.

Establish On-going Development and Training Programs

On-going development and training programs can help employees improve their skills, making your company’s talent pool more flexible and competitive. To establish such programs, tapping out local community colleges or technical institutions that offer training and internships is a good idea. Enrolling your employees into these kinds of programs can keep them motivated especially if some of them feel that your company doesn’t offer any career growth.

Establish Open Communication

To establish trust between you and your employees, having an open communication is very important. Holding regular meetings wherein employees’ questions can be addressed directly by the management is always a good idea. An open dialog between management and employees can help make your workers feel highly involved and important, especially when they understand how their input affects company policies.

source:
Recruiters Network