One of the challenges that small businesses have is holding on to their talented employees. While many people enter into employment with small businesses knowing the parameters for vertical growth within the company might be slim, they appreciate it for other reasons and some become quite dedicated. There are those that might feel that the “grass is greener” in larger corporate settings, where there is room for advancement both monetarily and via promotion. Employee growth is easier on many levels for larger companies.
For those small businesses that are intent on keeping their talent, the question then becomes about how to do this. What do small businesses need to do to create constant employee growth? When you are in a company where the organizational chart is more horizontal then vertical, what is it that makes employees want to stay and grow with the company?
Obviously for many people, the bigger the company the happier they are (or so they think) because of the employee growth opportunities. However, many would appreciate the chance to stay with a small to medium sized company if they feel they are provided the chance for personal and professional growth.
Below are some thoughts on this idea of “Creating Constant Growth for Employees” which give some great food for thought for those that are struggling with the idea of employee growth within a small business model.
“Many different factors will facilitate growth. Compensation, believe it or not, is not the top factor nor the second. Continued training for your staff is crucial to the development of your business and the employees themselves and if done right, can make your employees feel wanted and grateful.”
– Parker D. Little, Chairman & CEO, Little Holdings Group
“Employees perform best when the environment is conducive to growth. We focus on personal growth that has a vital impact on motivating. In essence, friendships matter. We have found that peer praise and a fun work environment are effective catalysts for constant employee growth.”
– William Bauer, Managing Director, Royce Leather
“As a smaller startup company, we can’t always offer the highest salary or bonus to keep employees happy. Instead, we rely on value-added benefits that improve quality of life and give opportunities to learn.
“A few of our perks include: Access to online education resources like lynda.com to allow our employees to learn new skills that will benefit them throughout their careers; the ability to influence the company path by asking for constant management feedback; and take it as you need it vacation days – stop worrying about how many days you have. If you need time off, you’ll get it.”
– Stephen C. Murphy, Partner & CMO, Red Bamboo Marketing
“Size is a small business’s greatest asset. When you run a smaller company, you’re able to better know your team. Talk to them – ask them for feedback and ideas. I’ve found that involving my staff when deciding direction and growth strategies for my business helps them to grow in turn. And people are always more willing to stick around if they feel empowered and appreciated.”
– James de Haan, Social Media & PR Associate, MyCorporation
“One of the benefits you have with a small business and the talk of advancement is projected growth. I used the idea of: ‘Yes, you may be the only sales person now, but at some point we want you to manage a team’. A small business usually is a team that bands together to accomplish a goal, keeping it in that team atmosphere is a great way to improve retention. Your core employees should be rewarded when the company grows by being put into managerial positions.”
– Bill Fish, President, ReputationManagement.com
“One of the best things we do for employee growth is providing an opportunity to become a team
leader. As a team leader, employees become coaches/mentors/sales managers for a team of 5 to 7 less experienced agents. This is a fantastic way to create leadership experience that many people are looking for. Team leaders also have direct access to our manager and owners, ultimately allowing them to influence the operations, growth, and direction of our company.”
– Auggie Negele, Recruiting & Development Coordinator, Homescout Realty