Employee Perks To Drive Company Retention
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Running a business isn’t as easy as you might think.
Some small business owners start a business based on the fact that they love what they are doing, they become good at it, they create a following and then some take a leap of faith and next thing you know you are running a small business.
What happens next? Before you know it there is you, plus one, plus one more, plus one more. If you allow it, you learn to trust and train and empower your staff with the same knowledge and skill you have. You begin to get processes and procedures in place and after a few years of solid hard work, your small seed has grown into a healthy looking sprout with a large amount of potential. If you are really lucky, (yes lucky) you’ll find that other companies are then headhunting your staff and competing with you. Why do I refer to that as being lucky? Well, means you are doing something right. People want to re-create what you have and this in itself should be your biggest compliment and push you into greater and higher grounds.
How do you turn your training ground into a stable performance hub? Great question! And the answer to keep your employees within your four walls falls within the following;
Performance Management Plan
A companies performance management process is integral, not just to the operations of the business, but also to the relationships developed with, and among employees. Having a clear performance management plan in place sends a strong message to your staff that the organisation is invested in the professional development and career growth of its people - this is an important factor underpinning employee motivation and loyalty.
We deal with individuals – who have different needs and wants. Nothing is guaranteed, however in my experience, contrary to what people think, the reasons why people stay is not always down to money. Of course we all want to be paid a decent remuneration for the job done which therefore leads back to having a strong performance management process in place. This ties into the operating success of the company providing a framework on which bonuses, pay rises, and salary reviews are based, which in turn directly impacts staffing costs.
Having a clear performance management plan for each employee provides a transparent framework for every staff member to known how well they have performed, where they can improve and which areas they need further training and professional development - and how the company will support and reward them to grow and develop in their career.
Giving your staff the chance to take on a new challenge, whether that being meeting a new client face to face, getting them to research a new business initiative or getting them to write a company blog is a subtle way to let them know you value them. Training staff across different functions within the business opens them up to new and exciting opportunities they never knew existed. I have found what works well at KLC is when we are presented with a new project, I get the team involved in the strategy and plan together so everyone feels like they are an integral part of the process. This not only adds to their skills set but it allows them to think outside the square and see the business through a different lenses - and you never know, their ideas might be so out of the box that it is exactly what you needed!
Believing in What You Do
Aligning your company values with your employee values is an important part of driving company retention. Get your team involved in your company values by engaging them in your strategic thinking. At KLC we have a strong commitment to giving back to our community and we pride ourselves on that core value. We join together in this company value by donating blood and plasma together at The Australian Red Cross Blood Bank on a regular basis, as well as attending working-bee days at our various client locations. Recently we partnered with Cancer Council and Breast Cancer Australia to volunteer and raise money and awareness for sure great causes which are close to the heart of our team and our company. Belief in what you do as a company is so important and from what we have experienced - it is fun too!
In business nothing is guaranteed, however from my experience, providing your employees with perks allows your company and your staff to flourish and grow. Encourage the conversation and allow for a positive platform of feedback to help staff share ideas on what truly makes them happy at work. Be a leader, not a manager and be available and the rest will follow...
By Chris Sacco
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