Staff Retention – is it all about pay ?
Many small businesses have issues with hiring and retaining staff, usually you find that good staff (i.e. those who are dedicated, enthusiastic and add value to the business) will want to move on quicker than others ! This can be a significant problem as you will have invested time and money into training up the staff member and then when they leave you will need to start again with a fresh employee. So how do you retain staff, money, bonuses,
So what are the ways to retain your ’good’ staff’ ?
(1) Pay them more either in increased pay or bonuses. This may work in the short term and bonuses and/or loyalty increases can motivate the individual to stay for a period of time. For instance you may add into the staff employment contract that they will get a raise on passing a certain exam or acquiring a certain skill so is time dependent. Or you may communicate that a yearly/half-yearly bonus will be paid on achieving a certain standard of work or purely on a time basis. Whilst pay & bonuses are possibly the easiest way to recognise an employees worth, it is not sustainable in keeping the employee motivated and happy.
(2) Variety of work. Depending on what your business does this can be a way of motivating your staff by keeping them learning new skills and hopefully find more enjoyment in the job. If you find staff are doing routine tasks again and again with no variety this may be fine if this is the type of business you operate but generally you will find there are multiple areas within any business where tasks
Additional problems arise