Large businesses often have plenty to offer their employees. They can pay more, invest more in training and development, and there’s always plenty of chance for promotions or to try a new role in the company. As a smaller business, it can feel hard to compete, and you might worry that you’ll always lose your brightest stars to bigger firms. This doesn’t have to be the case. There are plenty of ways that you can boost loyalty, even in a very small business. Here’s a look at some of the best.
Offer Budget-Friendly Incentives
Perks and incentives are fantastic ways to boost loyalty and morale. While you might not have the budget to offer big cash bonuses, there are still things that you can give your team to let them know how important they are to you. Gift cards are a great option for small businesses, and you can order Starbucks gift cards easily in bulk. Other budget-friendly options include extra breaks, the ability to earn holidays, staff days out and other social events, and free lunch on-site.
Social and mini sports events, and other activities that deserve awards can earn your employees certificates, plaques, and customized trophies from TrophyCentral that are worth the keep. You can have them engraved to emphasize individual achievements. Simple recognition like these will have a great impact on personal self-esteem integral to how they perform within your organization.
As a smaller team, you might worry about your ability to offer flexibility. It can seem harder when there are fewer people to cover the hours. But with careful planning and understanding, you can provide flexibility when needed. You’ll probably also find that if you offer your employees flexibly working as much as possible, they’ll be happy to help out when they can.
Being transparent about policies, perks, pay, and flexibility can help boost loyalty because your team will always know where they stand. Being open, honest, and approachable is another way to increase loyalty and keep everyone happy.
Invest in Development
Some small businesses are reluctant to invest in staff training and development because they can’t offer promotions, and so assume staff will leave. The truth is, they might. But until they do, they’ll give you their best, and well-trained staff will always be better for your business. Investing in development will also help you to attract better employees in the future.
Maintain Good Relationships
There are many different leadership styles, and some managers worry that forming friendships with their employees is a mistake. But in small businesses, positive and friendly relationships can improve the atmosphere in the workplace and boost loyalty.
Treat People with Respect
Sometimes the easiest things are the most effective. Saying good morning, asking people about their day, thanking them for their hard work and time, and generally treating people with kindness and respect can boost loyalty.
Get Stuck in
As a business owner, there’ll be jobs only you can do, and your employees will understand that. But sometimes, when things are tough and your team is working hard, they won’t understand you sitting in an office watching them work. Getting stuck in and pulling your weight can be an effective way to boost loyalty and productivity.
Boosting employee loyalty can help you to keep hold of your staff. It can also help you get the most out of them and build a successful and profitable business with a reputation as a great workplace.