For more than five years, the job market has undergone change. Severe contraction during the Great Recession threw a lot of people out of work, and many small business owners had a tough time staying afloat. Entrepreneurs that did hire enjoyed a deep talent pool available at rock bottom prices.
Today? Not so much.
As the economic engine heats up, more jobs are created and labor markets are tighter. Early in 2015, small business owners stoked a five-month trend of job creation, snapping up talent, and struggling to hold on to key employees who drive their profits.
By November, that trend slowed, but a National Federation of Independent Business (NFIB) survey reports more than 55 percent of small business owners are still trying to hire for positions where there are few, or no, qualified applicants.
With the shoe on the other foot, small business owners have to find new ways to hold on to employees who could be at risk of being hired away.
I talked earlier about why it is important to keep your employees engaged. Now we’ll talk about ways to do it.
Seven tips to keep valuable small business employees on board
So how do you keep your best employees working for you—and not your competitor?
Engagement is a great but overused word. You put time, energy, and money into training the people you hire. Depending on your business, that could mean specialized training, an emphasis on service skills—or whatever combination keeps your business humming.
It used to be easier to hire and keep good talent. Switching jobs every two years, or even every year, looked bad on a resume. Today, steadily switching out one job for the next is a routine way to gain benefits, better working conditions, and higher income. For talented employees—it works.
Many small business owners operate on a tough edge—just balancing revenue and payroll. As I work with my clients to increase their revenue, we look at the whole equation. My goal is to create wealth for my clients—in the million dollar range. While most entrepreneurs believe exhaustion and slim profit margins eventually lead to success—I can tell you, working harder will not make you wealthy. Working smarter does.
Because your workforce is critical to your success—it pays to retain key personnel. Let’s take a look at some positive steps to safeguard your investment in your employees—and your business:
Hire the right people, and create a winning workplace. Inevitably, even highly engaged employees move on for their own reasons. Just don’t lose them for reasons you could address.
When you are ready to bring in more profit, I hope you will call me at 585-633-7563. Make 2016 the year that you break out and earn more by working smarter instead of harder. I can help.
Yours in profit,