Employee turnover is one of the biggest obstacles that can stunt a small business's growth. With small business finance already stretched, having to search for, recruit and train a replacement can be a massive strain on an organisation's resources and time.
There are some simple measures you can take, however, to minimise the rate of employee churn in your business and retain your best staff for longer. One of the best starting points is in the hiring process itself.
Start with best practice recruitment
What's a sure-fire way of increasing an employee's chances of staying? Make sure you're recruiting the right ones from the start.
The extra investment in ensuring you're picking the right candidates is well worth it. Take an active role in the selection process and really grill your candidates to see if they have the skills, qualifications and enthusiasm you're looking for.
It's also important to assess whether they'll fit in with the culture at your organisation, as workplace vibe is one of the most important facets of any small business with a compact, close-knit team.
Focus on non-monetary rewards too
Making sure your employees are being paid their full entitlements and wages is one way to encourage them to stay, but you shouldn't skimp on other secondary rewards too.
As a small business, you should have plenty of scope here. One incentive you could offer is flexible working arrangements to allow your employees to work from home on the odd occasion.
Keep them engaged
As your small business's workforce is likely to be limited, it is especially important to keep them engaged and satisfied at all times.
It's a good idea to solicit feedback on a regular basis to let them know their thoughts and opinions on the business are being appreciated, and you should take all steps possible to act on their suggestions.
If your business needs any help with working capital management via a business line of credit, debtor financing, or asset financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].