As a small company, you probably know the difficulty that arises when it comes to recruitment. It’s a hugely competitive business and like it or not, money talks. Those top-performing employees will soon get head-hunted and plucked by the firms who are able to offer gigantic salaries.
Unfortunately, a lot of people will be swayed by money and there is little you can do about this. At the same time, there are some other incentives that you can tap into which can sometimes make all the difference for employees, and today’s post will take a look at some of these in detail.
Before we jump into the ins and outs of all of the different incentives you can offer employees, let’s talk about hiring.
In short, if you hire the wrong people for the wrong roles, you will lose them pretty quickly. This doesn’t necessarily mean that they are bad employees, they just weren’t suited to the role you were initially advertising for. At the same time, they might be perfect for another area of your organization.
As such, it place a lot of attention on that initial hiring process. Make sure you nail your job description down to a tee so that everyone is on the same page. If you don’t do this, you’ll start to fill round holes with square pegs and you’ll be met with an employee exodus.
Furthermore, sometimes you might have to “filter” those applicants who you know won’t be with you for the long-term. You can usually gauge this from a CV; they may have hopped around jobs in the past, or there might be another tell-tale sign that they just won’t stick around very long. While it might be great to get that initial boost from their employment, just remember that having a high turnover is a dangerous game for a smaller business.
Make them feel part of a team
It sounds ridiculously simple, but just making sure employees feel part of a team can make all the difference in your battle to keep the best talent.
One of the best ways that people can look forward to coming to work is if they get on well with their co-workers. It means that you should make every effort to boost their working environment, whether it is via team building activities or something as simple as beer Fridays. It just encourages everyone to mingle and become real team members.
Highlight your other extrinsic benefits
As we have already alluded to, most people are motivated by money. It’s not just their salary that can provide them with these little boosts in motivation though; there are all sorts of other extrinsic benefits that can push them along.
For example, it might be offering discounted cinema tickets or a reduced rate at the local gym. In relation to the latter, studies have found that companies who provide gym memberships are less likely to lose out through sick days. For this reason, check out Zest’s benefit software to see how you can make sure your company benefits are properly exposed.
Map out development plans
Progression is a big deal for a lot of people. They might not be on a high salary now, but if they can see a clear roadmap on how to develop in your company it will do wonders for their motivation levels.
This is where you need a structured approach to personal development. Map out a plan for each team member, to show them what could happen if they apply themselves accordingly. Sure, they might be able to land a higher salary in another company for now, but will they provide these development opportunities?
Make them feel involved in the business
Something that a lot of companies fall foul of is not getting their workers involved in the business. They don’t know the numbers, and they’re just locked in their own little bubble.
This can possibly be a dangerous proposition. It can mean that employees feel as though they have no purpose to the overall business objectives.
Granted, don’t overshare information, but make sure they are fully aware of just how their role affects overall performance and how much they are valued. While this isn’t an extrinsic reward, it can make their day-to-day working life much more enjoyable.
Find the pain points
Finally, let’s talk about pain points. It doesn’t matter whether you are a huge corporation or a small business, there will be pain points somewhere. Employees will have some sort of gripe, and it’s up to you to address these where reasonably possible.
Of course, we’re highlighting the term “reasonably”. You won’t be able to fix everything, but if there is a particular problem in which you can intervene and make it easier for your workers, it can do wonders for your retention figures.