Getting the right people for a job is never easy. When you succeed in finding the right people for your position, it becomes challenging to retain them. Regardless of the size of your business, it is always a good thing to look for consistent, reliable, and motivated employees who will work towards the vision of your organization and deliver the mission. Even after getting such quality, you will still need to develop the right strategy to retain them to run a successful business. For small businesses, this can be extremely difficult, considering people always look for better-paying positions, which are primarily found in large organizations. However, this does not mean that you should not try. Have a concrete strategy to minimize the number of employees leaving your organization and keep them happy. Here are ways that small businesses can adopt to improve employee retention.

A survey by Monster indicates that 82 percent of the employees surveyed have updated their resumes over the last six months. On the other hand, 59 percent of these employees are actively looking for a job. This spells a tough time for companies when it comes to employee retention. The challenge of employee retention is giving employers who want to do their best to keep their employees a huge headache, considering some industries require experts that are hard to replace. Losing and trying to replace employees is not only time-consuming but is also expensive. If you are constantly recruiting new staff and training them, that is a lot of time wasted that could have been used to serve the customer. Perhaps now is the time you up your strategies to retain employees. Here are a few tips that might help you keep your staff longer.

 Every business would love to hire the most qualified employees and retain those who are loyal and productive. This is often determined by many factors, one of them being the compensation packages in terms of money and incentives, and other benefits. Unfortunately, most small and mid-sized businesses lose top performers due to a lack of proper compensation schemes. They end up incurring costs of hiring and training new employees. However, the main risk is that relationships with customers and the morale of other employees can be damaged with regular change in people working and teams. Studies indicate that the most profitable organizations are the ones that have the highest rates of employee retention. Here are some compensation strategies that you should enforce in your organization to improve your retention rates:

As small businesses try to rebuild and recover the lost opportunities caused by the COVID-19 pandemic, a new hurdle seems to be awaiting them: the lack of employees to fill the positions left vacant. With the unfilled positions despite advertising for job openings, the ability of small businesses to rebuild and keep up with the demand for products and services as lockdown restrictions eases is in jeopardy. A survey conducted by the National Federation of Independent Businesses in March found out that as high as 42% of business owners have active job openings that could not be filled. On the other hand, 91 percent of those actively hiring or trying to hire reported no qualified applicants for the vacant positions.