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3 Small Business Strategies for Recruiting and Retaining Employees

3 Small Business Strategies for Recruiting and Retaining Employees

The last two years have caused several societal shifts. The workplace is one place that has experienced shifts as well, from hybrid work schedules to remote collaboration platforms becoming more ubiquitous. You may have noticed the people around you have had their priorities and approach to their needs shifted as well. Many people are reassessing their career and life goals and are making changes according to them, whether it’s leaving jobs that no longer serve their needs, or relocating to be closer to family. 

The power balance in The Great Resignation also signaled enough of a shift that while there were a record number of people leaving jobs, there were also historic lows in unemployment. This tells us that people were, in fact, leaving positions that no longer suited them into ones that better aligned with their needs. For those reassessing their talent needs and company culture in 2022, these three strategies will help them not only survive The Great Resignation, but build an employee-focused company that can retain top talent and thrive long-term.

  1. Invest in upskilling and professional development.

By showing your employees that you’re invested in them and helping develop them into more capable and skilled workers, you’re demonstrating that you’re encouraging their career growth and want to get the best out of them. One of the principal goals of any leader should be to empower their subordinates to develop the skills they desire. Providing the framework where people can coach each other is also equally important. By fostering a collaborative and cohesive environment, you also encourage people to invest their time and energy into seeing the business they care about succeed. Some of these initiatives are even free and can improve productivity and impact. These can provide employees with fun and valuable resources for learning and development. By developing your employees and including their new skills in the decision making process, you encourage them to propose and take on new initiatives to demonstrate their skills. When we celebrate both successes and failures, employees will be more comfortable applying their new skills and further contribute to the success of the business.

  1. Ensure employees are rewarded when the company grows.

Simply put, people will want to get out of what they put into their work. Employees love to be proportionally rewarded for their effort as successes come in. Employers should make equity a meaningful part of each person’s compensation package. Additionally, as employees develop their skills and advance in the company, they should be afforded more equity to match the investment they’ve made with their time and energy. Doing this is the easiest way to  demonstrate to your employees that the company is invested in their well-being and recognize the efforts they have put in to help the company accomplish their goals. 

  1. Remember that rewards are not just monetary.

Many companies fail to sufficiently recognize employees for outstanding performance, even though a 2018 study identified that 44% of respondents that planned to leave their job identified a lack of recognition as a reason. Whether it’s weekly recognition of accomplishments, gestures such as catered lunches, or even PTO in recognition of their efforts.  Employees want to feel reassured that their bosses are acknowledging their work and their successes. Something as simple as praise or just telling them they’re doing a good job can often be enough. 

Showing your employees you care about them as people is the surest way to get them to stay. There are a few ways you can do that. Investing in their future and development, not just from the perspective of what they can do for you, but what motivates them and keeps them happy. Making sure they have an equitable stake in the company that matches their contributions. Lastly, encouraging them and celebrating their successes. These are all ways to demonstrate to them that they have a stake in the company and their efforts will reflect that. 

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