Small and mid-sized business owners often need to handle many different things without anybody’s help. They should be able to focus on their core business tasks, but there are financial and organizational issues, as well. If they lose sight of any of these aspects, their business will suffer. This is especially important when it comes to workers loyalty. Treating employees with dignity and respect is one of the best investments in the future development of your business. The following hacks will come in handy in achieving this goal as much as possible.
1. Regular productivity reports
We all like to get feedback about things that we do. Those reviews should highlight where we have been successful and what aspects of our work we need to improve.
In line with that, SMB-owners should establish regular reporting to their employees. This can be organized in different forms and intervals, but it’s a necessity that can significantly strengthen the bonds between you and your employees. You can do it in different ways, since there are different strategies for calculating workplace productivity. If you don’t have too much time, stick to the simplest form: the number of hours each of your employees has worked in the previous period compared with his/her output.
Also, when writing those reports, make sure that your tone is friendly and supportive, even when a worker has failed in performing their tasks. You don’t want to depress such employees, but to remind them that they should and can do much better.
2. Fact-based rewards
The productivity reports from the previous paragraph will be useful in establishing a fact-based rewards system. The reason why we’ve highlighted that it should be a fact-based program is because some business owners and managers tend to distribute rewards based on their personal preferences. Sometimes it might seem to you that one worker has been more efficient than another one only because the first one brags more about his/her achievements.
Interestingly, extrovert workers usually talk more about their work processes and tasks, which is why they might seem more productive. Introverts and shy employees might be doing their job in silence and be more committed to it, but their efforts might slip under the radar.
Therefore, make sure that all the raises, bonuses, and other rewards (an additional number of days off work, paid leaves, etc.) are based on actual workers’ achievements. On the one hand, you’ll keep accurate records of their performance. On the other hand, all of your employees will know what they need to do to be rewarded.
3. Profit-sharing philosophy
When business owners are at the beginning of their entrepreneurial quest, they expect equal sacrifice from themselves and from their employees. However, once this venture starts growing and developing, some entrepreneurs focus solely on their own contribution to this rise. As a result, they lose their workers’ loyalty and experience tumultuous changes in their staff members. Such a scenario can be devastating for a new business.
That’s why every SMB-owner should think about establishing a profit-sharing plan. The key aspect of this approach to business management is that you share profits with your workers. This refers to all assets that aren’t reserved for further investments in terms of business inventory, equipment, and funds.
Different business owners opt for different strategies, but it’s necessary to adopt one for this purpose. For instance, you can distribute bonuses to your workers at the end of each fiscal year. It can be in the form of an additional salary or a flat-rate bonus for all your employees.
Still, make sure to separate the profits shared this way to your workers from performance-based rewards.
4. Introducing flexible management
Modern workers want flexibility, especially if they perform all their business tasks online. SMB-owners should take this into account when bringing their management strategies. So, offer flexible working hours to your employees, as well as occasional remote work. Some entrepreneurs run all their business operations on the Web, without even having a brick-and-mortar office. Truth be told, this is an avant-garde approach that still isn’t practical for most business owners.
So, a flexible daily schedule, occasional remote work, and incentives in the form of reduced working hours on Fridays will suffice for the beginning. You can gradually introduce new flexible measures if you see that your workers are more satisfied and productive as you’re getting more flexible as a manager.
5. Announcing workers’ achievements
Posting a photo of the “Worker of the week” on a company wall might be too much, but think about another way of announcing your workers’ outstanding achievements. In addition to the rewards system, this is also something that will boost your workers’ loyalty and self-confidence.
For instance, you might dedicate one section of your company website to your most diligent workers. As explained by the gurus from a digital agency in Houston, websites with uncommon but amusing sections can become quickly popular with wider audiences. So, what you can do is publish weekly or monthly stories about the most prolific workers for the period in question in that special section. If told in an interesting but educational manner, these stories will not only boost those employees but draw the attention of the public to your website and business.
Ensuring workers’ loyalty is extremely important for every SMB-owner. Unlike large corporations, where systems are self-sustainable and almost independent from ordinary workers, every employee is a gold mine for small ventures. This is even more obvious for committed and prudent employees. Therefore, note down your workers’ results and give them rewards based on their achievements. Give them regular reports on their work efforts to streamline their professional development. Also, tell the rest of the world who your productive workers are and why they matter to your business. Together with flexible management, these measures are here to ensure long-term workers’ loyalty and steady business growth of your business.
Liam Collins is a tech pundit and Web enthusiast working at TuiSpace.com. He spends most of his time reading and writing about the current affairs in the world of information technology. When he isn’t working, he likes going for long bike rides and walks in nature.