Successful entrepreneurs know that the most important asset in any business is its people. Without a team of motivated, bright employees, most businesses will fail. But how do you find good employees? More importantly, how do you retain them?
According to Fit Small Business, it’s important for an employer to promote its own brand and to be a company people want to work for. Boosting your brand will help ensure your company is the type of firm high-quality candidates want to work for. You wouldn’t hire someone based only on a resume, and candidates aren’t going to decide based only on a job description.
Another important step is setting the right compensation level and putting together an attractive benefits package.
Keep in mind that job seekers are always looking to put themselves in the best possible position financially. Those who are worth a specific salary amount often know their value and will seek a position that pays accordingly. Do your research so you know what your competition is offering for a similar position. Hiring the right candidate the first time reduces recruiting costs and helps free up business owners for other tasks, according to Small Business Chronicle.
In addition, properly compensating employees shows you value them as workers and as human beings. When people feel valued, they naturally feel better about working.
Entrepreneur Glen McKay confirms that the most important asset of any company is its people. “Empower them and show that you value them, and they will increase the value of your business,” McKay said in an interview.
“Overall, I believe in surrounding myself with good people,” McKay added. “I look for bright, hard-workers, who are self-motivated and can offset any weaknesses I might have. It’s also important to foster a team spirit and that’s true in any business. These kinds of principles are important and hold true in any business enterprise, regardless if you are running a public or private company.”
In addition to finding the right staff, you need to develop strategies to retain them. After all, you don’t want a well-trained employee leaving for the competition just because you couldn’t keep that person happy in the job.
Employees value receiving and providing personalized feedback on their strengths and weaknesses. A strong performance management process or annual performance review will help them feel more secure and happier and will ultimately lead to them staying longer.
Hiring the right employees is always a challenge, particularly for entrepreneurs who often cannot visualize working for another person. If that’s the case, get someone else on the management team to do the hiring. Just make sure your hiring team is equipped with the right skills so your employees can genuinely feel good about coming to work.
