The cost of hiring and training new employees is significant for any organization and it can be especially challenging for small and medium sized businesses.
"Attracting and retaining top talent is a sure way to keep your business competitive," explains John Carinci, Head, Group & Business Markets, RBC Insurance. "However, it can sometimes be a challenge for small and medium sized business owners to find the time to research and identify what their employees really want."
Here are some ideas to help your business retain its top talent:
• Watch for the warning signs – Watch for any red flags that may signal an unsatisfied employee and focus on employee engagement throughout the year, not just during performance review periods.
• A flexible schedule is a bonus – A flexible schedule is increasingly becoming an important factor in employee satisfaction. Many employees, including those with long commutes or young children, often want the flexibility to shift their working hours.
• Maintain a positive work culture – Small businesses can offer something that larger companies sometimes can't – a tight-knit team. Feeling connected to other colleagues not only makes the workday more enjoyable, but can also increase employee commitment and productivity.
• It's all about the total package – Along with a competitive salary, employees want a full suite of benefits – disability, health, dental insurance, retirement plans and much more. This can be challenging for smaller businesses, but there are options.
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