How To Attract and Retain Superstar Employees

As a small business coach, I have found that finding and retaining good employees is crucial for the success of any small business. The performance and productivity of your workforce have a direct impact on your bottom line. Employees interact with customers, develop products and services, and represent your small business's brand and values. Having a talented pool of engaged employees can give your small business a significant competitive advantage.

On the other hand, high turnover from poor hiring and retention practices can be extremely costly. Recruiting and training new employees requires a substantial investment of time and money. Plus, there is a loss of productivity as new hires get up to speed. When employees leave, your business loses their institutional knowledge and expertise. This brain drain can significantly impact performance. Developing an effective hiring and retention strategy needs to be a priority for leaders looking to build a thriving small business.

This guide will provide valuable insights and proven tips on how to find, motivate, and keep top talent over the long term. We’ll share strategies for sourcing and selecting the best candidates. You'll learn best practices from the best small business coach in Oklahoma City for onboarding new hires and techniques for fostering an engaging company culture. We'll also discuss the role of professional development, work-life balance, and competitive compensation in retention. Follow these recommendations, and you'll be on your way to assembling a skilled and dedicated workforce that drives business success.

Define 'Good Employee'

When hiring, it's important to first define what makes a good employee for your specific company and role. This will help guide your recruitment and retention strategies. Some key attributes to consider:

Skills and Experience - Ensure candidates have the required hard skills, education, and experience listed in the job description. Also, look for related transferable skills.

Cultural Fit - Hire people whose work styles and values align with your company culture. Seek motivated self-starters who work well in teams.

Strong Work Ethic - Look for responsible, dependable, and proactive workers who consistently meet deadlines and expectations. They take initiative rather than waiting to be told what to do.

Positive Attitude - Choose optimistic go-getters with passion for their work. They handle stress well and focus on solutions.

Good Communication - Effective verbal, written, listening, and interpersonal skills enable collaboration. They openly share ideas and provide constructive feedback.

Desire to Learn - Eagerness to continuously expand skills shows ambition. On-the-job training and education builds talent.

Problem-Solving Skills - Analytical and creative thinkers who troubleshoot issues and uncover innovations help drive business.

Defining ideal employee criteria sets qualifications to screen candidates for the best hires. It also gives current staff a model for success to develop their skills and value.

Recruitment Strategies

Finding and attracting top talent is crucial for building a strong team in your small business. Here are some effective recruitment strategies that I’ve discovered as a small business coach working with numerous small business owners:

Leverage Employee Referrals - Encourage current employees to refer qualified candidates from their networks. Employee referrals tend to yield higher quality hires. Offer referral bonuses to motivate employees.

Network and Build Relationships - Attend industry events, conferences, and seminars to meet potential candidates. Connect with professional associations related to your industry. Build genuine relationships over time to establish your company's reputation.

Optimize Your Job Listings - Craft compelling job descriptions that communicate your company mission and culture, not just responsibilities. Highlight opportunities for growth and development. Advertise openings on niche job boards related to your industry.

Search LinkedIn - Leverage LinkedIn Recruiter to source passive candidates. Search by skillsets, experience, education, and other criteria. Reach out directly to qualified prospects.

Partner with Universities - Build relationships with nearby colleges and universities to recruit graduates. Host info sessions on campus. Offer internships and mentorships to attract young talent.

Modernize Your Employer Brand - Showcase your company culture on social media and your careers page. Highlight unique perks, values, and community engagement. Spotlight employee testimonials and stories.

Consider Diversity - Prioritize diversity and inclusion in your recruiting. Seek candidates from a variety of backgrounds and demographics. Remove bias from your hiring processes.

Move Quickly - Respond promptly to applicants and schedule interviews rapidly. Make hiring decisions decisively. Top candidates tend to get snapped up quickly.

Interview Best Practices

Conducting effective interviews is crucial for identifying and hiring top talent for your small business success. Here are some best practices:

Ask the Right Questions

• Focus on questions that reveal the candidate's skills, experience, work ethic, problem-solving abilities, and cultural fit. Avoid personal or illegal questions.

• Ask mostly open-ended behavioral questions like "Tell me about a time you had to deal with an unhappy customer" rather than simple yes/no questions.

• Inquire about their interest in the role and company to gauge engagement.

• Ask follow-up questions on their resume and past work. "I see you increased sales by 30% in your last role. Walk me through how you achieved that."

Evaluate Candidates Thoughtfully

• Look beyond credentials to understand their true abilities. Have them demonstrate skills with role-playing scenarios.

• Assess their communication skills, analytical abilities, and emotional intelligence, not just technical skills.

• Consider whether they would thrive in your company culture. Look for motivation, work ethic, and team orientation.

• Develop a consistent rubric and rating system to fairly compare candidates. Take detailed notes during interviews.

• Check references to verify past performance and fill in any gaps in your understanding of the candidate.

Taking time to properly screen applicants through insightful interviewing leads to making job offers to the very best candidates who will become engaged, productive employees.

Onboarding New Hires

Onboarding is a critical time to set new hires up for success. A strong onboarding process helps new employees learn their role, understand the company culture, and feel engaged from day one. Here are some tips for effective onboarding:

Training

• Provide job-specific training on systems, processes, and responsibilities. Make sure they have the hard skills to excel in their role.

• Assign a mentor or buddy who can answer questions and provide guidance.

• Create a training schedule or checklist to ensure all bases are covered.

• Offer ongoing training opportunities for continuous learning and growth.

Orientation

• Give an overview of the company history, mission, values, and culture.

• Review organizational charts, reporting structures, and key contacts.

• Tour the office space and facilities. Introduce the new hire to team members.

• Explain company policies, procedures, and resources available.

• Set goals and expectations for the role. Provide job descriptions and performance metrics.

Resources

• Set up equipment, email, building access, and other logistics ahead of time.

• Provide guides, manuals, or FAQs on company processes.

• Create quick reference sheets with important contacts, tools, and systems.

• Assign a peer buddy as a go-to resource for questions.

• Check in regularly to see if any other resources are needed.

Following best practices for training, orientation, and resources helps new hires feel supported. This leads to greater productivity, job satisfaction, and retention.

Company Culture

Company culture refers to the shared values, attitudes, standards, and beliefs within an organization. It affects every aspect of the workplace, from how employees interact to how decisions are made. Developing a strong, positive company culture is crucial for attracting and retaining top talent for your small business success. Here are some tips:

Define your values. Determine 3-5 core values that represent what your company stands for, like integrity, collaboration, innovation, etc. Make sure leaders model these values and they are incorporated into policies and Standard Operating Procedures.

Create an engaging environment. Design workspaces to facilitate collaboration and relationship building. Provide recreational spaces for employees to relax and recharge. Host social events, parties, team building activities.

Encourage open communication. Maintain open door policies. Provide anonymous feedback channels. Hold regular all-hands meetings for updates and Q&As. Foster transparency at all levels.

Promote diversity and inclusion. Value diverse backgrounds and perspectives. Prohibit discrimination and harassment. Accommodate different needs and work styles. Seek input from all groups.

Support work-life balance. Offer flexible schedules and remote work options. Provide generous time off and leave policies. Respect employees' personal lives and responsibilities outside work.

Recognize achievements. Celebrate wins and milestones. Reward outstanding contributions. Give praise and appreciation for good work. Highlight employee accomplishments.

By nurturing a supportive, engaging culture centered around shared values, companies can increase employee satisfaction, boost retention, and attract top talent. The company culture sets the tone for the entire employee experience.

Professional Development

Professional development opportunities are essential for retaining good employees. Employees want to continuously learn new skills and advance their careers. There are several effective professional development strategies that I’ve found as a small business coach working with hundreds of small business owners:

Training Programs

• Offer internal training programs and workshops. These allow employees to expand their skills within their current role. Provide a training budget so employees can take external courses too.

• Cross-train employees in different departments. This exposes them to new areas while diversifying their skills.

• Bring in expert guest speakers or host "lunch and learn" sessions for employees to learn new concepts.

• Send employees to industry conferences and events to stay on top of the latest trends and innovations.

Mentorship

• Develop a formal mentorship program that pairs junior employees with more experienced mentors. The mentors can advise them on career growth and developing new capabilities.

• Managers should provide coaching and mentorship through regular one-on-one meetings with their direct reports. This gives ongoing guidance tailored to the employee's strengths and interests.

Growth Opportunities

• Create clear pathways for advancement, so employees can see options to get promoted and take on more responsibility over time.

• Support employees' goals for upward mobility by providing training for new skills needed in more advanced roles.

• Offer stretch assignments and special projects so employees can gain experience and showcase skills outside their daily responsibilities.

• When appropriate, promote from within and fill higher-level positions with existing employees. This demonstrates opportunities for upward mobility.

By focusing on professional development through training, mentorship, business coaching, and growth opportunities, companies can retain their best talent over the long-term. Employees who feel supported and see a path forward are more likely to stay engaged and committed.

Compensation and Benefits

Offering competitive compensation and benefits is key to attracting and retaining top talent. Here are some best practices:

Fair Pay

• Research pay rates in your industry and geographic region. Pay employees fairly based on their role, experience, and performance.

• Consider paying above market rate for hard-to-fill roles.

• Offer annual raises to keep up with cost of living and reward performance.

• Conduct compensation reviews regularly to ensure pay equity.

Insurance

• Provide quality medical insurance. Consider covering a portion of the premiums.

• Offer dental, vision, disability, and life insurance.

• Allow employees to customize plans to fit their needs.

Retirement Plans

• Offer matching 401(k) contributions.

• Provide education about saving for retirement.

• Consider profit sharing plans.

Time Off

• Offer ample paid time off for vacation and sick days.

• Allow employees to purchase additional vacation time if desired.

• Provide parental leave for new parents.

• Allow flexible schedules when possible.

Providing strong compensation and benefits shows employees they are valued. It promotes loyalty, satisfaction, and better performance. Evaluate regularly to remain competitive.

Work-Life Balance

A healthy work-life balance is key for retaining good employees long-term. Offering flexibility shows you trust your employees and value their personal lives. Consider implementing flexible schedules, remote work options, and time off policies that support work-life balance.

Flexible Schedules

Allow employees to have flexible start and end times for their workday. As long as they complete their required hours, let them choose when those hours fall. For example, one employee may prefer to work from 7am-3pm, while another works 10am-6pm. Accommodate individual schedules whenever possible.

Remote Work Options

With today's technology, many roles can be done remotely for some or all of the week. Offer work-from-home days or telecommuting options. Employees appreciate the ability to avoid commutes and work from home when needed. Set clear expectations and have employees report on tasks completed when working remotely. Video calls and collaboration tools keep remote workers engaged.

Providing schedule flexibility and remote work shows employees their personal lives are valued. This contributes to work-life balance and higher job satisfaction. Employees who feel supported are more loyal and motivated.

Measuring and Improving Employee Retention

Monitoring employee retention metrics and gathering feedback are critical for identifying issues and opportunities to improve. Here are some best practices:

Conduct exit interviews when employees leave to understand why they are choosing to go elsewhere. Look for any themes or recurring issues that need addressing.

Send out engagement and satisfaction surveys regularly to gauge how happy and fulfilled employees feel in their roles. Anonymous surveys can elicit more honest feedback.

Track turnover rates across teams and positions to identify problem areas. Set goals for reducing turnover. Investigate spikes or high rates.

Calculate retention rates at various milestones, such as after 3 months, 6 months, 1 year, etc. This indicates where you may be losing people and can prompt further analysis.

Monitor absenteeism and sick days as potential signs of disengagement or burnout. Check if certain teams or individuals take more unplanned time off.

Gather feedback during one-on-one meetings with managers about what employees enjoy about their jobs and what needs improvement. Managers can surface themes.

Conduct stay interviews to learn what makes employees want to continue working for you. Understand their goals and motivations.

Analyze exit data to identify what types of employees are leaving - high performers, disengaged workers, long timers, new hires, etc.

Set retention targets as key performance indicators and measure progress. Share results across the organization.

Continually monitoring metrics, soliciting feedback, and acting on insights will lead to higher employee retention over time. The goal is to uncover issues early and implement solutions quickly.

Does this sound overwhelming?

Consider hiring a small business coach who can provide in-depth guidance and support for you and your small business to succeed.

Click Here to schedule a FREE consultation with one of the top small business coaches to help you plan your growth strategies.

Or call 405-919-9990 today!

#EmployeeRetention #TalentAcquisition #WorkforceDevelopment #CompanyCulture #ProfessionalGrowth #RecruitmentStrategies #OnboardingTips #HiringBestPractices #EmployeeEngagement #WorkLifeBalance #CareerDevelopment #RetentionMetrics #HRInsights #BusinessSuccess #SmallBusinessOwner #SmallBusiness #BusinessCoach #SmallBusinessCoach #BestSmallBusinessCoach #InfluenceDigest #MichaelDMorrison #OklahomaCity

5 Practical Steps to Elevate Your Company Culture and Improve Retention

It should shock no one that we’re in the midst of a "Great Resignation." Across the country, businesses are struggling to keep their doors open due to a lack of an available workforce. 

While there are many reasons behind the number of individuals leaving their jobs post-pandemic, one aspect is clear: A company’s culture defines its personality and sets the tone for how employees interact with one another and customers. It’s a significant factor in attracting and retaining top talent and an important contributor to any company's success. 

Good company culture will offer clear direction, flexibility in work hours, autonomy over projects, personal growth opportunities, and more. Without a healthy company culture, you can all but guarantee that your team members will jump ship for another role – even one that doesn't pay as well!

So, what can you do as a business leader to fight the tide and emerge on the other side stronger? It all begins with understanding and implementing a solid company culture.

What is Company Culture?

Company culture can be defined as the behavior of people within a company. It encompasses many things, including how employees view and treat each other, their feelings towards their employer, and the overall mood within the organization. 

As well as defining an organization's personality, company culture also determines behaviors in line with its values. Culture is so influential that it can be the deciding factor between whether an employee stays or leaves. Individuals will weigh up several factors, including salary and benefits when deciding on their career path. 

But company culture isn’t just about the employees; it also determines how customers perceive your brand. When business leaders begin to realize the importance of culture to the success of their company, they set about defining and building it. As well as reflecting the personality and values of the organization, a strong corporate culture can also reflect positive brand attributes in customers’ minds.

However, while companies are largely concerned with recruiting new employees, many are overlooking one critical aspect-retaining existing ones. 

Why Is Company Culture Important?

Thriving company culture is vital to a successful business, attracting new talent, and retaining its current employees. Here are some reasons why this is the case: 

1. Company culture attracts and retains top talent.

People want to feel comfortable and safe when they come to work every day. A positive company culture is essential to creating a work environment where everyone feels valued, included, and considered. Attracting top talent is possible when your employees are happy in their position. 

A strong corporate culture can also help with recruitment by boosting your brand's appeal to prospective job candidates. Think of it this way: people want to work for companies that feel progressive, trendy, and fulfilling. 

2. Company culture encourages employee engagement.

This is a challenging subject for many business leaders who often struggle to increase employee engagement. A company culture of inclusion and respect can encourage employees to be more engaged in their work by fully investing in what they're doing. By working together collaboratively and creatively, employees are more likely to develop innovative solutions and ideas.

When an employee is working within an environment where their input is valued and heard by others in the company, it motivates them to put in extra effort for their employer. A review of studies conducted on engagement levels found that only 15% of workers were actively engaged in their jobs. The engagement rate was much lower for companies with poor company culture.

3. Company culture strengthens employee retention.

It's no secret that employee turnover can be costly to any company, costing an average of over 20% of an employee’s yearly salary in recruitment and training fees. But the actual cost to a business is not just in the money wasted on hiring new employees.

The loss of productivity, creativity, and innovation that can occur when an employee leaves a company affects the organization’s overall performance as a whole. Establishing a strong company culture will help you retain your current employees by encouraging them to be more involved and invested in their jobs. 

How Can a Company's Culture Be Considered Good?

Good company culture is one that employees want to be a part of. It rewards creativity, promotes innovation, and allows employees the freedom to express themselves without fear of being judged by colleagues or superiors. Being encouraged to voice your opinions and collaborate with others on projects will increase engagement and foster a healthy team dynamic. The following are a few ways that employees can gauge the strength of their company culture: 

Does the company seem engaged with its employees? 

Consider your own experience as an employee and think about how much appreciation you feel for your employer. Does the organization show some love by being involved with employees’ personal and professional lives? Or does it just seem like “business as usual?"

Are you paid fairly? It’s important that the salary you earn is in line with your industry and field of expertise. Not only should you be appropriately compensated for your work, but your employer should also recognize and reward your hard work and commitment to the company. A good employer should value everything you bring to the table: work ethic, creativity, unique skills-everything. 

Does a sense of community exist among employees? 

Many companies implement social programs to boost employee engagement levels and create a sense of community in the workplace. An essential part of any successful program is that it’s consistent. Participation in such initiatives should be ongoing and effortless for employees to participate.

When an employee shows their work colleagues that they truly value them, even just by saying “thank you" or offering a quick smile and nod of the head, other coworkers become more engaged in their jobs. It’s this level of appreciation that fosters a strong sense of community within an office.

Is your company’s culture unique? 

A good company culture encourages and rewards employees for taking risks, making mistakes, and realizing their potential. These types of cultures usually result in unusually high levels of employee satisfaction. 

A great example from the retail industry is that of an employee-owned company, where every worker is part owner. These companies, including Publix Super Markets and Quik Trip Inc., have ranked among the best places to work for many years because of their unique focus on providing great benefits to their employees.

Practical Steps for Boosting Company Culture

In order to create a healthy corporate culture that attracts the top talent, you need three things:  Trust, Transparency, and Authenticity. These foundational aspects of any successful organization should be at the forefront of your thinking when it comes to crafting your own high-functioning workplace environment. 

Here are five steps for fostering these elements within your business model:

1. Be open to change and welcome innovation.

Innovation (or lack of it) is usually what separates a good company from a great one. To foster a culture where employees are constantly growing and learning, you have to be open to change and ready for new ideas.

Because we all do things in our own way, different approaches to tasks can make all the difference in the world. Encourage all employees to approach their work with an open mind and a willingness to learn.

2. Create transparency between bosses and employees.

Open communication goes a long way towards creating trust in the workplace. If your company values honesty and integrity, then it has to practice what it preaches. When you tell your employees that they are free to ask you questions and speak freely about any concerns they have, this helps build rapport and trust.

But it doesn’t stop at the C-level executives. Managers, department heads, and administrative personnel all need to be on the same page as their employees when it comes to transparency of information in the office.

3. Promote adaptability within the workplace.

For a company culture to be as productive as possible, employees have to adapt quickly. When you allow your workers to learn from their mistakes and try new things without fear of reprisal, they’ll feel empowered and motivated to take on more critical challenges.

4. Empower your employees in their jobs.

Tasks are listed, discussed, and delegated. Employees are empowered to complete their assignments as they see fit. However you choose to go about it, empower your employees with the tools and knowledge they need to succeed at doing what they do best for your company. 

5. Make it a family-like environment.

Positivity breeds positivity. When your employees feel safe and loved, they’ll be motivated to continue doing good work for your company. When an employee shows their work colleagues that they truly value them, even just by saying “thank you" or offering a quick smile and nod of the head, other coworkers become more engaged in their jobs. It’s this level of appreciation that fosters a strong sense of community within an office.

Unlock the Techniques of Company Culture with Business Coaching

Whether you are a brand new startup or an existing company, company culture is critical – and it can change on a dime. If you find your organization's culture becoming stagnant or suffering from internal conflict, the problem may be on the verge of spinning out of control. One key to boosting your company culture effectively is to work with a business coach who has expertise in company culture.

Why should you hire a business coach?

A business coach can provide a third-party perspective on your company culture and help you identify blind spots that are hindering your employee retention. The past few years have revealed to many business leaders how vital company culture has become and why millennials are now conditioned to seek out employers who practice transparency. 

Business coaches can provide the expertise that will help you restructure your organization for success and give you the tools to build a strong business foundation that can support growth.

Are you ready to take your company culture to a healthy, thriving level? 

If so, schedule a call to discuss how you can improve and elevate your company culture, retain your best workers, and attract new hires that align with your values and vision. We’re ready to help you put in place the habits today that will unlock a lifetime of success tomorrow. 

Contact MDM Enterprises today at 405-919-9990. Michael Morrison and our team of experts are dedicated to helping business owners increase their sales, reduce their costs, and save their marriage by reducing the hours they work "in" their business.