Nobody ever left a job to work more hours or less money.
Improve their quality of life.
Do they want to work 4-10 and get 3 day weekends?
Can you afford to shift to a 30 hour work week and still pay them what you pay for 40?
Can you increase their PTO?
What can you do to keep them from looking elsewhere?
If you think doughnuts on Friday is going to get you there, you are out of your mind. Be the better employer.
Better retirement, healthcare and lifestyle. If you can't provide that, why would employees provide you with better labor.
Just like your customers, you get what you pay for.
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I work in this industry (recruiting/employee retention). Here’s the honest answer:
Give a shit.
The vast majority of employers do not listen to their employees & act on what they learn.
Start small
Ask questions like
“If there was one small change we could make that would make things better for you, what would it be?”
Then do as many as you can or brainstorm with your team on what might be possible.
Once you get a reputation for asking & acting, you will create a buzz. People will start coming to you with ideas about how to make things better.
Sometimes that idea might be better pay or benefits.
Lean in - teach your employees your business model, show them how they can individually or collectively increase the value of the business so you can pay them more. Then, when the business grows, pay them more.
If you did this, you would be in the 1% of the 1%.
It’s how I work and I have three times more people wanting to work for us than I have job slots.
There is no hiring problem, there is a “valuing people” problem.
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Pay, benefits, and work environment. You have to nail all three. Don't compete on price. By doing a good job, your company becomes the solution for your customers, and your company will grow.
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Some things that would be helpful in retaining great employees at a newly established company with limited funding are:
Equity – Employees are more likely to be engaged and remain with a company if they have a stake in its success.
Clear and attainable long-term business vision – Star performers tend to put a higher value on the long term future development of the organization.
Being part of a highly professional team – The better performers tend to understand that their success relies on teamwork and want to be part of a group that is professional and effective.
Challenging work providing opportunities for creativity and innovation – Good performers like environments that encourage making improvements and introducing new ideas.
Culture fit – People tend to prefer being surrounded by those who share their values and modes of operating.
No-nonsense, supportive management – The better performers prefer management that's results-oriented, but supportive and understanding when the going gets tough or when personal matters interfere with the job.
Recognition of and gratitude for employees’ contributions and successes – Employees appreciate social encouragement and chance to shine at company functions.
Flexible work arrangements – Employees may appreciate flexible hours and remote working options.
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