Owners and employees have countless workplace challenges, so many that it's impossible to list all of them. Underpinning many of these challenges is a central issue — owners retaining their staff by creating a positive workplace culture.
We will discuss three workplace challenges that all relate to the central issues of retention. We've provided answers to these issues and include links to valuable resources where you can find out more information about some of the solutions we've recommended.
Money is vital to employee satisfaction. If your staff is not earning enough to enjoy the lifestyle they want, then you risk losing them to another company. This makes it a key challenge for both your business and employees.
The basic approach to overcoming the challenge of your employees not earning enough money is to pay them more. Of course, you could increase their salary, but that is not the only remuneration strategy available to you:
Decide which of these methods works best for your company and then put them in place. Doing so addresses the challenge of employee satisfaction and retention. These two things work in tandem, but owners need to appreciate how serious the issue of retention is. In fact, some U.S. studies claim it costs 6-9 months' salary to replace employees, which highlights the cost of having low retention rates.
Efficiency is a challenge for both you and your staff. You need to make sure your employees work as effectively as possible to ensure they provide value for the money you pay them. Your team needs to ensure they work at their best to do their jobs properly. It's a challenge that requires work from both sides.
There are many things you can do to address the challenge of work efficiency, and there are plenty of tools/items that can help you and your employees. We've listed examples that help individual employee and departments within your business:
These are a wide range of tools and items that help tackle various challenges related to efficiency. Select the right ones for your business and give your employees and teams the resources they need to work more effectively. If you don't, then your employees might not complete their work as effectively as you need them to. The result of which could be you let them go, or they decide to leave. Either way, it damages your retention rates.
One of the most common challenges every business faces is that their employees don't feel they have career opportunities. It's an issue that can be addressed by taking a mature, strategic, and inclusive approach to managing your company.
Providing career opportunities to your employees boils down to having a clear idea of where you want your business to go and the roles you need at each stage of development. Once you have this in place, you can make it relatable to your staff in the following ways:
There may be administrative and maintenance costs to introducing them, but the value of doing so is enormous. This claim is based on a U.K. report that found career development to be the number one reason employees leave their jobs. With this in mind, investing resources into tackling this challenge is money well spent for your business.
Money, efficiency, and career opportunities are three challenges every owner has to contend with. We've clearly explained how important they are and provided you with some actionable solutions.