Successful small businesses use strategies to attract,satisfy and build a loyal, high-performing customer base. These same strategies can be used to attract,satisfy and build a loyal, high-performing workforce. Working in tandem, these two dynamics willproduce strong business performance. Thefollowing five strategies will help you build a loyal workforce.
Make surecompensation plans are competitive.Small businesses that pay below-market salaries or give theperception of paying below-market salaries risk losing their workers tocompanies that pay more or give the perception of paying more for the same workvalue.
Monster research indicates that salary is the number onefactor that employees consider as they evaluate new job opportunities. Therefore, small business must align theircompensation plans to be competitive in their market and remove any employee orpotential employee perception that a misalignment exists.
Target the righthire.Attract and retain workers that will appreciate and valueyour small business company culture. Monsterresearch shows that about one-third of the workforce prefers working in a smallbusiness culture.
Top reasons those workers give for valuing a small businesswork environment include: being part of a “family”, feeling more valuable as aworker, being treated as an individual, making a bigger impact and gettingopportunities to learn by doing a variety of roles. Small businesses can promote these workplacevalues to attract new workers and build employee loyalty.
Communicate a strongand attractive employer brand
Small businesses should build and promote an employee brandthat readily communicates its values to attract the right workers. Reinforcing such values to current employeeshelps build employee loyalty as well.
Monster research indicates that 68 percent of the workforcewould consider a new job to obtain improved work culture and leadership. By growing an awareness of your employee brandas one that embraces the values these workers are seeking, a small businesswill attract and keep the right workers who favor similar values.
Continually fill apipeline of prospectsWith a vast majority of the workforce ready to pursue a newjob, it is probable that small businesses will lose workers as the economyexpands and new job opportunities grow. Small businesses need to create a talentpipeline that continuously attracts new talent and the right talent for itsworkforce
Strive to keep your“A” workersAs a small business you are dependent on the key workers whodeliver your business performance. Theseare your “A” players. These are theworkers whose loyalty is most valuable and perhaps, critical, to your smallbusiness.
Consider your workforce and identify those workers who aredelivering the majority of business value. Next, ensure that your employee loyaltystrategies—those strategies you design to emotionally engage a worker—arefocused on your “A” team.