6 Secrets to Retaining Your Best Employees

Franchise Opportunities

By Rick Bisio-FranChoice Franchise Consultant

 

Let’s face it – the American Dream has changed.   There are few corner offices and even fewer gold watches.   Pensions are seemingly a thing of the past and retirement planning becomes increasingly more difficult by the day.   In today’s reality, employers promise less, and in turn, employees change jobs and career paths more freely.  

 

Honestly, this is more of a pro than a con for franchise companies.   Due to a lack of security in the corporate world, our country’s top talent has more incentive than ever before to start their own business.   More and more of our country’s best and brightest are jumping feet first into franchising and business ownership.   This, in turn, stimulates local economies and creates jobs – a beautiful thing, indeed.

 

However – small business owners aren’t immune from the modern day employee retention issues that plague big business.   Clearly, there’s no silver bullet – but here are six secrets that have helped hundreds of business owners hang on to their best employees:

Say 'Thank You'.  Everyone likes to know that they are appreciated.  When they do something well, let everyone in the organization know.  Be generous with recognition.  It costs nothing and will provide lasting rewards.

Be Team Focused.  If the employees like each other, there is far less likelihood of departure.  It is hard to leave a team when the other members of the team are depending on them. 

Have a Cause.  You need to stand for something.  If you own a gym, selling memberships is not enough.  You need to make it about health and wellness.  Track it, measure it and make it a cause.  Your employees will know they are part of something important.

Give Them a Sense of Ownership.  Make the employees feel like owners.  Assign a task and empower the employee.  And when they do, go to back to secret #1.

Structure their Compensation.  Structure compensation to promote retention.  If a bonus is to be paid each quarter, pay the bonus half way through the next quarter.  This way the employee is already well on their way to the next bonus.

Be Transparent and Communicate Well.  If you say you are going to do something, do it.  This goes to the heart of trust between the employer and employee.

 

What strategies do you implement at your business to keep your best employees performing at a high level?   Please share success stories if you have them!

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