A small business is only as good as the team behind it. When you want your small business or franchise to grow, you need to have strong, trusted employees to help it run.
The United States is experiencing a “Great Resignation,” with employees leaving their jobs in droves across industries. Small businesses, in particular, are suffering as a result. Managers need to be prioritizing employee engagement and morale in order to keep valuable members of their staff around.
Unhappy employees are bad for business
There’s no doubt that happy team members equate to business success. Entrepreneurs can’t do it alone. You need employees you can trust to keep your business running smoothly day after day.
When employees are engaged and happy at your business, you’ll probably find that they do more for your company. These employees work harder and are more motivated to help your business grow and flourish.
On the other hand, unhappy employees can hinder a business’s growth. They might make careless mistakes that cost your business money. Worse, they might quit, leaving you understaffed and unable to keep up with consumer demand. Hiring new employees can also hurt your business financially. On average, a small business might spend around $1,500 just to train each new hire. If you have a lot of turnover, that’s a lot of money wasted!
How to keep your team strong and intact
If you maintain a productive and supported team, your business will develop a positive company culture people are proud to be a part of. Small businesses with great culture and employee benefits see less turnover and, as a result, greater business success.
These things can help you keep up with reimagined employee expectations and make your business a great place to work.
- Better benefits: Take a close look at what your business offers its employees compared to others nearby. Employees want competitive pay as well as benefits like insurance, retirement savings and paid time off. Sick leave is also particularly important right now, with COVID-19 continuing to affect the workforce.
- Flexible and predictable scheduling: Work-life balance is a huge priority for workers—especially those in service jobs. Flexibility in working arrangements is now somewhat of an expectation among employees and has been shown to improve morale and work-life balance. If your business has the option to let employees work from home, consider allowing them to. And, if you operate in the service sector, consider making more predictable shift schedules that allow employees to plan things further out.
- Open communication: Employees want to feel respected and heard in their jobs. Offering a direct and open line of communication with their managers and you as the business owner shows them that they have a voice. Give your team the ability to raise concerns about workplace culture, suggestions for daily operations and more to prove that you value their opinions.
- Provide growth opportunities: Now more than ever, people are reevaluating why they do what they do. If they don’t see a path for growth in their current job, they’re more likely to find a new one. Business owners can keep employees around by giving them opportunities for growth and change. Offer to train high-performing team members in new positions, give fair raises and open the door for promotions. If they can grow in your business, they will help your business grow, too!
Above all, building a strong team requires communication, honesty and trust. However, small businesses also need to prepare themselves financially—whether to replace former employees or to provide competitive wages. Tenet Financial Group can help you capitalize your business so you can care for your team. Contact us to learn more.