What is the most important aspect of running a small business?
Is it finding clients? Is it ensuring you’re making a profit? The answer you get depends on who you ask.
So many things go into running a small business and making it successful. Of all the running parts that make your small business successful, retaining your employees is huge. Losing employees is bad for obvious reasons like, not having enough people to run your company. But there are so many more things that employees do, and losing them will cost you big time.
What It Costs You When An Employee Leaves
There are many hidden expenses associated with employees leaving your business.
A study by the Society for Human Resource Management found that some employers may need to spend up to nine months of an employee’s salary finding and training next candidate. This is a huge setback in not only time but money! Can your small business really afford this kind of delay?
An article written by Josh Bersin of Bersin by Deloitte goes over ways employees leaving can drain your profits. They include:
What Your Small Business Can Do To Retain Employees
As you can see, there’s so much that goes into hiring a new employee. It sucks up time and money. Wouldn’t it be nice if there was a way to retain your employees? Certainly, sometimes there is nothing you can do if someone decides to leave. However, let's focus on the things you can do to ensure your employees are happy and stay that way.
Retaining your employees is essential for keeping your small business afloat. Let your employees know you can about them and appreciate their work. As discussed earlier, it will cost a lot of time and money hiring a new employee. Don’t make the mistake of taking people for granted. Take advantage of the strategies above and continue to grow your small business effectively.
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