10 Ways small business owners in Nigeria can make employees stay longer

10 Ways small business owners in Nigeria can make employees stay longer

10 Ways small business owners in Nigeria can make employees stay longer

10 Ways small business owners in Nigeria can make employees stay longer

It makes sense to give employee retention a priority given the current labor shortage facing businesses. Focusing on retention will not only help you keep your current employees, but it will also make it easier for you to find qualified candidates for future hires.

 

Ways small business owners in Nigeria can make employees stay longer

1. Don’t micromanage your staff: Investopedia describes a micromanager as “a leader or manager who exerts excessive oversight to employees.” Instead of informing a worker what has to be done and by when, a micromanager will closely monitor the worker’s actions and frequently criticize the worker’s work and procedures. Do you fit that description? Since you have worked hard to get where you are now, we know it can be challenging to let go of the little things, but it is crucial that you make the required changes.

Employees that are micromanaged come to feel incompetent, unreliable, overly dependent (unable to make decisions independently), and in some circumstances hostile and unhappy. Having faith in your staff will help them perform the tasks you paid them to complete. Effective work delegation, clear objectives, success indicators, accountability systems, and good hiring practices are preferable methods of managing employees than micromanaging.

2. Benefits & Incentives: Giving employees the chance to earn more than their base pay through performance-based incentives will help you entice and maintain them. Giving staff healthcare benefits can also motivate them to work for your company long-term. You might think that offering these advantages will raise business expenses. Still, because your employees will be kept on board and provide value to your customers’ experiences, you will end up saving a sizable sum of money in the long run.

3. Employee onboarding Process: This is the process of integrating a new hire into your team. The goal of the onboarding process is to acquaint new hires with the company’s values and procedures while also demonstrating to them how to complete their jobs properly. Companies with a standardized onboarding process report a 62% rise in new hire productivity and a 50% increase in retention. You can also give them a manual outlining the key facets of the company’s culture and their work duties during this process.

 

4. Create a Safe Work Environment: Giving employees a place to interact and communicate helps them feel like they belong and that their efforts are valued. On the other hand, disconnected employees are more prone to feel behind the times and overburdened with tasks if they are not kept informed.

5. Provide Due Credit: If your employees feel appreciated for their efforts, they will be more likely to work with you in the future. Recognize and value the contributions of your team members in public whenever feasible. Yes, this might be done with a financial reward or perhaps even a handmade thank you card, which can have a big impact.

6. Highlight Growth Possibilities: Studies show that a lack of training and employment opportunities causes 24% of workers to leave their jobs. If employees are aware of the company’s growth strategy and know how to get there, they are more likely to stay with the company. Employee retention rates rise when employers provide them with the training resources they need for development and assist them in setting goals for their future careers.

7. Stress Company Culture: Company culture has a big impact on how engaged employees are at work. By offering opportunities for advancement, soliciting input frequently, and improving manager-employee communication, you may foster a healthy workplace culture. A positive corporate culture can increase productivity and job satisfaction.

10 Ways small business owners in Nigeria can make employees stay longer

 

Read Also: How Blockchain Can Help Your Business in 2022

 

8. Employ gamification strategies: Gamification is the application of gaming elements like competitions, points, leaderboards, and badges in non-game situations. Its goal is to promote engagement. When they acquire points and badges, your staff will feel a surge of dopamine, the hormone that our brains use to create rewards. And it will assist you in maintaining their morale. Never underestimate the power of small victories to motivate your staff and foster a sense of success. The design of the gamification training session ensures that participants receive quick feedback.

9. Don’t display or encourage favoritism: Parental favoritism is a prevalent form of favoritism that is frequently condemned. But did you know that favoring some employees over others has the same drawbacks? Small firm employees frequently work in groups, which makes it easy for manager- or employee-employee relationships to develop. For managers or business owners, a particular employee’s exceptional performance may be the cause of this unique attention, but for coworkers, it may be the result of similar interests.

Whatever the case, conclusions can be muddied to the point where rewards and privileges are no longer allocated fairly, with the “favoured” employee receiving the majority of them. This can cause other workers to feel more resentful, have low morale, and be demotivated. It’s crucial to take the initiative in this situation by demonstrating how a just and transparent system of reward and employee evaluation works.

  1. Keep your promises: Before you design your employee salary or benefits structure, it’s crucial to weigh all the possibilities and establish accurate estimates. Excuses for late salary payments are the last thing an employee wants to hear at the end of the month. One of the quickest ways to get into difficulty with a low staff retention rate is to owe salaries. This is a major issue that a small firm like yours cannot afford. Avoid making commitments you won’t be able to follow, and be open and honest enough to pay employees fairly for the contributions they make. This will ensure that everyone is content. As a business owner, you must create a welcoming environment where your staff members may advance both personally and professionally. The secret to developing the best staff for your business is to do this.

 

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Contact us today for your business consultancy and business advisory services. We can help you fine-tune your idea, structure your business, market your business, train your staff, consult on your retirement plan, coach you for financial success. We also write a business plan and help with fundraising strategies and Grant applications. We can help you start, grow, and expand your business.

We help institutions and organizations write concepts, implement Business plans, and train on business Plan writing in Nigeria.

We can help you write a detailed, bankable and comprehensive business plan for your business idea.

Call any of our business plan consultants on 08105636015, 08076359735, and 08113205312.

Or send a WhatsApp message or email us either at dayohub@gmail.com or info@dayoadetiloye.com.

 

 

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