Tips on attracting, managing and retaining great staff

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25/03/2019

The most successful businesses attract and retain top talent. Finding them takes time, but it’s an investment that can save you money over the long haul. The more effort you put into finding the right person and investing in them so they want to stay with you, the less likely that they will move on when another opportunity arises.

Don’t be a in a rush

It’s important to give yourself time, because if you hire people under stressful conditions you could easily experience a lapse in judgement and wind up with the wrong person. It’s essential that you take as much time as you need to go through the hiring process methodically and thoroughly.

Carefully review applications, set up interviews and go through the entire screening process. References must be checked, background checks performed, and a salary package carefully put together. Rush the process and you may have a wrong hire on your hands.

Offer competitive remuneration

You’re more likely to retain great staff if you offer them a competitive package from the start. It’s nearly impossible to make up a salary deficiency down the road. And by that time a key employee may leave for greener pastures.

You should understand what a competitive salary represents for the position. Government data can provide details about thousands of positions. You can generate localised reports too, what will give you a good indication for how much a job prospect should be paid. Also talk to other small business owners you know, especially if they are in a similar industry.

Get to know them

One of the most effective – and simplest – things you can do is take time to communicate with employees regularly. Remind them how valued they are by your company. Ask about their wellbeing and thank them for a job well done.

If you learn their backgrounds and abilities as well, you can reveal a wealth of knowledge and expertise that could be useful to your business. Employees can feel undervalued if their skills aren’t used – especially when the boss has been told about them. So before you go searching for that outside consultant or project specialist, see if there is someone in-house who could do the job for you.

Give them opportunities for growth

One of the common characteristics of motivated employees is a focus on professional growth and building a career. Not all small businesses can accommodate careers – a one-company career is an increasing rarity these days – but you can give your employees opportunities that can add to their CVs. This might mean researching a special topic, leading a small team or reporting back from a conference.

Provide incentives

What appeals to one staff member may not appeal to another, so having a standard benefits package won’t necessarily prove competitive. Survey your employees regularly to find out what they want, and make sure you act quickly on your findings. What may prove desirable now might not be so desirable in a few years’ time, as lifestyle trends and economic factors change. One employee may want a bonus for a job well done. Another may prefer a day off work.

Make sure they have tools and training

Asking someone to carry out a role without the proper training or tools contributes to a feeling of working in an unfair and inconsistent workplace, so make sure your staff are coached and supported sufficiently by you or their supervisors. Equally, staff have to be given adequate resources to fulfil their duties, and leeway at times when those resources might be temporarily unavailable.

Offer rewards and team building

These don’t have to be hefty bonuses or extra perks; they can be something as simple as a movie pass and a handshake. The important thing is that the employee’s hard work has been recognised.

A common managerial mistake is being ultra-fast in spotting mistakes and then treating a job well done as business as usual. However, you can never assume an employee knows they are doing a good job, so let them know they’re doing well so they have a level of performance they can work to maintain.

Team-building opportunities aren’t only a way to get staff working more cohesively during work time – they’re also a great way for everyone to have fun. In addition, having a regular social events calendar can have a positive impact on staff retention rates.

Summary

Your employee is investing a significant part of their life in their role. If you want them to carry on investing their time and future, make the workplace meaningful and the business fun to work for.

Employees who feel that they contribute to a company are much more likely to stay put. Even so, you will always lose top talent no matter what you do.

It is important that when your best workers leave, that you also perform exit interviews. You want to uncover the reasons why they are leaving, including problems that were not addressed earlier. From there, you can make changes to reduce your turnover rate going forward.

The recruitment challenges facing SMEs

Recent research from Yorkshire Bank, in partnership with Telegraph Spark and YouGov, which surveyed 1,000 business owners, found that SMEs share a common challenge in sourcing talent, with major regional disparities in terms of the ease with which they find staff. Click here to find out more on The Telegraph.