Employee Retention Strategies in Small Business

Employees are one of a businesses greatest assets, so it makes sense to do all we can to retain them.  As far as employee retention

Retaining employees is key for small businesses

strategies are concerned most commentators agree that remuneration alone is not the sole motivator of keeping employees, there are also the non monetary aspects such as the culture of the business and showing appreciation for a job well done. Now benefits such as work perks or incentives such as casual Fridays, bring a pet to work days, movie tickets, more flexible hours are on the increase.

Fox Business discusses some ideas & the reasons  behind the increase of perks as a way to retain employees. It also considers how once in place, the reduction of a perk would not have the same effect as a reduction in salary in tougher times.   Click here to read the full article

Employee Retention Strategies in Small Business

Women24.com has a good article on retaining employees,  consider this:

In addition to the quality of management, other factors that cause staff turnover include salaries, working conditions, opportunities for promotion and peer group relations. Individual factors like age, educational qualifications, family responsibility and personality also play a crucial role in the way employees view the attractiveness of current and alternative job opportunities.

We are all individuals so what will be a motivator for one person, might  not work for another. The article goes on to list 3 ways to reduce staff turnover which are condensed here;

1.    Create an inclusive, developmental, performance-orientated culture

2.    Display effective and supportive leadership

3.    Offer competitive salaries and unique benefits

 

To read more click here

Of course it does depend on why you are considering offering an incentive to retain the employee.

Here, Nathaniel Lake Jr speaks on incentives when an employee is leaving to join another company.