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Business Tip of the Month

Business Tip
of the Month
For the month of April 2007


Tips for retaining your best employees

Losing a key employee can damage your bottom line, sometimes for years. Say, for example, your company lands a great new construction project but your top engineer bolts to a competitor. Possible direct and indirect costs to your company could include hours of recruiting and interview time, loss of productivity while training a replacement, increased stress on other employees, greater probability of errors, diminished customer satisfaction, potential loss of new clients — the list goes on.

How can a small company retain its best employees? Generally speaking, a smaller firm will find it hard to compete with larger corporations solely on the basis of salary and benefits. But by paying attention to some key nonfinancial factors, a smaller firm can offer distinct advantages over larger competitors and maintain staff loyalty. Here are a few suggestions:

Take a hard look at the business culture. Are employees regularly rewarded for outstanding performance? Do they take an active part in the company’s decisions, or do they feel they’re being micro-managed?

Pay attention to the workplace environment. As a rule, the workplace should be comfortable and inviting. That includes such mundane concerns as heating and cooling. People who work for you shouldn’t shiver like Bob Cratchett on Christmas morning or need to wear tank-tops to feel comfortable in summer. Nor should they be required to endure obnoxious odors or ear-damaging noise. Even when the nature of a business requires exposure to such hazards, a wise owner will try to mitigate their impact.

Provide the right tools. Are your business computers antiquated? Does your team cringe when colleagues from other firms trot out the latest tools and techniques? Certainly, every employee doesn’t need the latest tech gadget. But your staff does need to know that you’re committed to making their work as efficient and enjoyable as possible. Often that means creating a reasonable budget for upgrades and replacements.

Offer flexible working conditions. Your best employees will stay longer if you’re sensitive to the balance between work and home life. Some businesses, for example, provide day care for parents; others offer flexible schedules. Consider asking your staff how the business can provide a better balance for them.

Remember: Keeping your best people can determine whether your business grows or becomes a statistic.


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