As we all know, we are in the age of the start-up. Even though the economy may have been a little shaky over recent times, this seems to have propelled a lot of entrepreneurs who have started their own enterprise and ultimately prospered.
There’s just one problem with a lot of these young and ambitious companies; they don’t tend to be awash with cash. It means that even if they do attract very good workers, the chances of retaining them can be tricky. Or, they might not attract them at all.
This is where you have got to think outside the box. Let’s take a look at some of the non-financial benefits you can offer to potential, and existing, workers to get the most from your small company.
Method #1 – Team building days
They may have had a questionable reputation a couple of decades ago, but now team building days are an excellent way to keep the interest of your workers. They are something that develop relationships and really provide your employees with the sense of being part of a meaningful team. It’s this last part which can be indispensable from an employee retention point of view; if a person feels ingrained in a team they are far less likely to feel the need to leave.
Again, this landscape has turned on its head over recent years, and you only have to take a look at these London team building event ideas to see that in action.
Method #2 – Leadership opportunities
Years ago, Sears produced one of the biggest employee surveys of its kind to find out what make their workers tick. The results were astonishing at the time; it wasn’t money, it was the sense of having a meaningful role at a business.
This is where your leadership opportunities can enter the picture. Give your employees the chance to lead projects, and eventually lead teams. If a person has a sense of ownership of their work, they are much more likely to feel empowered and feel part of your business.
Method #3 – Training is now common
Once upon a time training might have been frowned upon by employees. It was a huge expense, and one which companies didn’t really understand the benefits of.
Suffice to say, times have changed. Don’t head into this thinking that because you’re a small company, an individual is going to take advantage of your training and use the skills elsewhere. This is where your decisions on what type of training to offer come into play. Make it relevant to their existing role, or a higher role which you foresee them doing in the future. It’s here where employees really can start to feel appreciated, and develop loyalty to a business.
Method #4 – Be flexible
Finally, we’re in the age of flexible working. In fact, you might even be legally required to offer flexible working depending on the type of business you operate in. This is becoming a modern must-have. People don’t want to be tied to 9-5 anymore, and if you are rigid with your working structure you can fall behind the competition. On the flip side, offer as much flexibility as possible in this regard and you’ll quickly find that people will choose you over other firms offering significantly higher pay packages.