In small businesses, great employees aren’t readily replaceable. When you’ve put a lot of time into helping someone fit into their role and they’ve grown to thrive in it, you want them to stay there. Hiring is time-consuming, and it can take even highly qualified professionals a considerable length of time to really settle into their roles. If you want to keep your most valuable team members, you need to be smart about your human resources management practices.

Give People Great Compensation

Paying your people well is arguably the most essential element of employee retention. Getting a competitive salary means more to people than just the salary’s cash value. It shows them that you recognize their value to your company. It conveys that you care about compensating your employees fairly. Moreover, it reflects that you aren’t trying to shortchange anyone. When people feel like they aren’t making what they deserve, they’re likely to feel that they’re being taken advantage of. Raises reinforce that people are doing well and make them feel more satisfied with their poisons.

Include Paid Time Off

Everyone needs time off from work in order to maintain a manageable work-life balance. If you can’t offer people compensation near the higher end of their occupation’s salary range, time off can make a huge difference. In effect, being paid for several weeks of a year can amount to giving people better compensation for their time. 

Include Benefits

Offering your personnel benefits is another excellent way to make them feel appreciated. Without benefits, people may feel as though a position simply isn’t a good long-term option. In addition to health insurance coverage, other important benefits that people look for include short and long-term disability insurance. A 401k contribution is an excellent employee retention tactic.

Create a Positive Company Culture

People want to work for companies that are supportive of their workers. Put some effort into creating a working environment that people feel good about. You can shape a company culture that people want to be a part of. 

You also need to be reasonable about authorizing time off requests. There’s no point in generous vacation or sick time policies if people feel as though they can’t really take time away.

The quality of the work product that you get from your employees is integral to your business’ success. Ultimately, investing in your people will help you maximize the value and quality of their work.