As a small business owner, your people are a vital part of your business’ success. You’ve probably spent a long time building up a strong team around you who you trust to help your business achieve its goals and continue to grow.
So what happens when a key member of your team decides to leave the business? Having spent so long recruiting and then training them, it can be costly for your business to have to hire a replacement. According to a survey of more than 500 SME decision makers by AXA Health, 17.6 per cent of businesses claimed it cost between £10k-25k to replace an employee, and 11.4 per cent claimed it cost between £25k-50k1. As well as the monetary cost to the business, it can also put strain on the remaining members of the team as they have to pick up the workload until a replacement is found.
So how can business owners ensure that they’re retaining their top team members?
Training and development
Regular opportunities for training and development can help to keep your team motivated and can show that you’re investing in their future career as well as the skills that they’re bringing to your business. A research study found that one third (33%) of UK employees said they wanted to leave their job due to a lack of opportunity for career progression2.
Despite this, it seems that many employers are still not placing as high an importance on career development and training as employees might like. According to one survey, only half (47%) of organisations run training and development programmes to help build employees’ skills and support career development3.
When employees feel that they’re no longer learning anything new and aren’t progressing in their jobs, they can start to feel stuck. Creating a training and development programme for each employee can be a great way to ensure that they stay motivated and engaged with the business. You could also ensure that line managers are regularly discussing progression with their team and working with them to identify training opportunities that they feel would be beneficial.
Employee benefits package
Employee benefits packages are becoming an increasingly popular way for businesses to retain current team members and to attract top quality new recruits to the business. According to a survey conducted by ExecSurvey on behalf of AXA Health, 85% of respondents believed it is very or significantly important that staff in their organisation are offered health and wellbeing support initiatives, such as gym memberships, healthy eating schemes or private healthcare cover4.
One of the great things about employee benefits packages is that they can be tailored to the wants and needs of your team and your business. You could get your team involved in shaping the package by asking them which benefits they would find the most valuable. Some examples of employee benefits are: