Employee retention is not an easy task in this day and age. In fact, according to a CNN report, a record number of 10.9 million people quit their jobs in 2021.
While the pandemic was obviously a time of sickness and uneasiness around the globe, it also served as a time of self-reflection, which caused a lot of people to take a closer look at their employment and decide whether they were truly happy where they worked. This is a great thought to have as an employee, but it puts employers and business owners in a tough place, to say the least.
If you are a franchise owner or business leader, learning how to retain your current employees is perhaps been more important than it’s ever been in the past 50-plus years. Here are a few ways you can successfully do that:
- Promote from within your business or organization. There have been countless times where employees have felt that they have reached their ceiling within their respective business; where they have worked as hard as they can work for as much pay as they can take. If you’re a franchise leader or business owner, identify these types of hard-working, talented employees and elevate their pay and role. If employees know they can be promoted from within, businesses experience less turnover.
- Observe how other successful franchises and franchisees are using their money and treating employees. One of the best ways to to get better is to observe and learn from other people like you. If a franchise or fellow franchisee has happy, financially satisfied employees, what are they doing to make those employees happy? Whether it’s profit-sharing, great benefits, extra PTO or a generous bonus system, see what you can do within the budget to reward your employees and make them feel like their work is absolutely monetarily worth their time.
- Build a solid culture. A good work environment and culture starts with you, the franchise leader. Model the character, work ethic, drive, determination and care that you expect from your team, and your employees will likely follow suit. A safe, caring culture goes a long way in keeping people around.
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