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As a small business owner, you wear all the hats. When business is on the increase and it’s time to hire, you lose no time consulting the HR department or higher-ups for approval. Though hiring can be rapid – a position can be filled in only a few days – you don’t want employee turnover rates to match. In the construction sector, the voluntary turnover rate is moderate, compared to retail, hospitality, and food services which are consistently high. Professional and business services traditionally enjoy low turnover numbers.
Here are some best-practice retention strategies to ensure your hires want to succeed with you.
Interview for the Future
Ask where the candidate sees him or herself in 5 or 10 years. Running his or her own business, or managing yours? A long term employee will come with a good track record of working for others. Be aware of job-hopping, which might signal that the candidate is only looking to build their own skills.
Offer Incentives
Bonuses and profit sharing are good strategies to maintain employee loyalty. If that big contract goes well, why not treat your employees? Pay them right away, not at the end of the year. A surprise bonus will inspire your workers to stay.
Be Accommodating
Time is tight, scheduling is a headache, but let your employees know you will reasonably accommodate their needs. Canada is a multi-cultural society with complex family arrangements. Recognition of an employee’s beliefs or domestic situation will foster loyalty. You win in the end: watch them put in overtime to finish off that big roofing job.
Become a Communicator
According to BCjobs.ca, employees of Canadian small businesses report that a good employer is one who:
- Recognizes good performance
- Offers constructive advice
- Shares information: How’s the business doing? What changes lay ahead?
- Clearly explains a job’s expectations
- Asks employees what they think before making decisions
Good communication practices cost nothing to implement. Whether you’re running a major construction firm or a small contracting business, retaining employees has a sizeable financial impact.
Part of responding to employee needs is paying accurately and on time – every time. QuickBooks Payroll (for QuickBooks Pro or Premier) takes care of cheque processing, ROE management, T4s and more.
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