Back in the day of traditional businesses, you could expect an apprentice to move his way up to eventually become the owner of the company. He would then pass it down to his appreciative, and so on and so forth. However, as times changed and the size and complexity of businesses grew, this was no longer viable, leaving business owners to find alternative means of staff retention.
And the big players will turn to their equally big budgets and bank accounts, there are ways for small-to-medium enterprises without the same budgets to retain high-quality staff.
Keep It Close
The best part about coming to work is to socialize with the people you work with. Often times, it can be the bond forged with these colleagues which prevent staff from leaving to another company.
Consider setting up casual team events which can grow the team together. For example, a simple lunch schedule is a great way for a range of employees to get together and enjoy each other cuisines and tastes. Once the orders come in, be sure there is a space large enough for everybody to enjoy lunch together and to further create a working bond.
On top of being a great casual bonding experience, it is also one which won’t cost your company a lot of money.
While you may not be able to provide your employees with their own cars, it doesn’t mean that you can’t provide your employees with a car. It just won’t be theirs. Services like the Groupon Coupons page for Zipcar allow you to provide your staff with safe and reliable transport whenever they want, without the requirement to buy or even lease your own vehicles.
An additional benefit to this a system such as this is that not only do you not need to pay for on-site parking, but your employees don’t need to drive around trying to find a spot. They will always have a spare space available for them to simply leave the car and cross the road to work.
All the convenience of their own company car with the financial burden. If there was ever a use-case for the term win/win, it was now.
A Clear Path
Just because the old path of apprentice to the owner doesn’t exist anymore doesn’t mean that your employees don’t want to move up, eventually owning their own company.
Instead of losing them at an early stage in their progress, keep them close for as long as you can with a clear progression plan. Show them the steps they can take within your company which will help them to achieve their ultimate career goals and aspirations.
While this may mean that you could lose the staff member in 10 to 15 years, it is better to have the best staff for the short term than lower quality staff for the longer.
Retaining high-quality staff doesn’t need a big budget, it just needs some creative thinking. The next time you are drawing up your employee contracts, consider putting ideas such as these to them to gauge their reaction.