Small businesses often find it hard to retain talented workers. Most young professionals want to go to big firms to improve their CV and look more impressive on paper. Companies with fewer than fifty employees often struggle to hold onto star performers because of the incentives that operate in the market. 

To make matters worse, big firms can often afford to pay higher salaries. Therefore, it’s a double-whammy. Companies are fighting the twin evils of higher pay and prestige. 

In this environment, what can small businesses do to retain the people that they already have? How can they incentivize workers to stay and ignore the pull of better job offers elsewhere? Let’s take a look. 

Look For Candidates Who Are More Likely To Stay Long-Term

In the race for talent, many companies will grab whatever person with skills comes their way. We’re at the point now where many small businesses are desperate for people with the right skills. 

However, this approach often creates a false economy. Talented people arrive and stay for a few weeks before leaving for something bigger and better elsewhere. Firms then have to pay all the recruitment and transition costs associated with re-filling the post. 

Because of this risk, employers should seek to hire people who are more likely to stay from the start. A quality candidate might come your way, but if they only hang around for a month or two, it isn’t worth the effort of employing them. You’re creating additional cost and administration for yourself. 

If, however, the new employee has a habit of sticking around at firms for a long time, then they could be the ideal candidate for your enterprise. Look for someone who’s a team player, not a lone wolf type of person. 

Tailor Your Benefits To The Employee

You might not be able to pay big bucks like your larger rivals, but you can tailor your benefits to your employees, encouraging them to stay. If you work with an employee benefits consultancy to find the exact arrangement that workers love, it can encourage them to stay for longer. 

Think about it. Imagine if you hire a busy working mom with children to take care of outside of working hours. She might like her free gym membership, but an even better job perk would be flexi-time. This way, she doesn’t have to stick rigidly to a work schedule, something that she might have to do at another company. Therefore, even if your rivals offer higher pay, the busy mom is much more likely to stay with you. 

Offer Remote Work Options

It’s becoming increasingly clear that workers much prefer remote work options. Large employers are struggling to get teams back into the office since the pandemic. Therefore, the opportunity is ripe for businesses that understand this employee need. Many people will be willing to work for significantly less if you don’t insist that they travel to the office every day. You could save more than ten thousand dollars per year.