Good employee benefits
A company‚Äôs benefit package is a key factor in hiring and retaining quality employees.¬† Affordable health, dental and vision insurance is important to all employees.¬† A good company matched 401K plan and retirement plan, as well as a good vacation, sick/Paid Time Off (P.T.O) package are often equally important.¬† The benefits package provided should be competitive with similar businesses in the geographical area.
Employees like feeling that they are part of a team.¬† Management must make the employees aware that each is valuable to the company and each brings individual contributions to the team.¬† The human resource manager should develop a flexible and cost effective team building program that meets the objectives of the company‚Äôs mission and vision statements.¬†¬† By acknowledging¬†¬† accomplishments of each member of the team, everyone is allowed to feel that they are contributing to the overall company mission.¬† Additionally, training sessions to teach employees about team building and working well with others is a significant tool toward achieving this goal.
Advancement opportunities and merit increases
Providing ongoing education and training within the company as well as education assistance for continued education is a must for small businesses to retain top notch employees.¬† The company showing an interest in education and training allows the employees to feel comfortable about the prospects for advancement within the company.¬† Periodic (semi- annual and annual) performance reviews provide an opportunity for management to sit down with each employee to review the strengths and weaknesses of their performance as well as set goals for continuous improvement.¬† Annual merit increases should be used to reward employees for top performance.¬†¬† This quality approach to education and training coupled with a strong performance appraisal and merit increase program assures a company that will retain top performers.