Employee Retention Tips for Small Businesses

How can your small business keep the best and brightest employees? By treating them like people. 

Great employees are the oxygen-rich blood of any small business. An excellent employer, however, the heart through which this lifeblood is pumped. Losing employees is a concern for most small businesses, and the primary reason being the cost associated with losing an employee. A study from the Center for American Progress estimated that replacing an employee costs, on average, around 20 percent of that employee’s annual salary. Here’s what you need to know if you want to keep your best employee within your employment at your small business.

  1. Acknowledge Achievements
    Not one person wants to feel like they are a simple dull cog in a dull machine. Acknowledging achievements at every turn makes the employee feel good and like they are a part of something bigger than themselves – like their work actually means something. Sending simple messages like, “You’re awesome, great job!” can make all the difference.
  2. Stay Competetive
    It may be difficult for your small business to compete with the paycheck of bigger companies, but that doesn’t put your business out of the picture. There are things you can offer your employees that can make your business attractive. Flexible work schedules, multiple work-from-home days, and dental / health insurance.
  3. Listen to Your Employees
    You can’t know what your employees want unless you talk to them and actually listen. Ask what they need and want from their jobs as well as the business.

Use these tips if you want to retain your best and brightest employees. We at Purves & Associates can get you the commercial insurance in Sacramento that you need to fully protect your business vehicles. Email us at Quote@PurvesInsurance.com, or call us at (530) 756-5561.