As a small business owner, paying big salaries to retain talent is not always an option for you. Fortunately, this is not the only way that you can make sure that high performing players stay longer.
Surprise in the investigation of the main factors of retention of employees
A new survey conducted by human resources software company Ceridian reveals that good relations with colleagues are the reason why 49% of the most successful companies remain in their current position. In comparison, a good salary is the main motivation for only 48 percent of these top performers not to move on.
Good colleagues are a motivation to stay
It's not just the top performers who see good relationships with colleagues as their main reason for looking for work elsewhere. A majority of all respondents – 47% – say that they also stay for that reason.
Surprisingly, relationships with co-workers are a motivation for both those who are happy with their pay and those who are not. For example, 57 per cent of respondents who are satisfied with their pay regard good relationships with their colleagues as an additional reason to stay around. And even 51 percent of those who are not happy with their salary give good relationships as the reason they do not look elsewhere for work.
Why companies should foster good working relationships
In a small business where teams have to work more closely, the importance of good working relationships can not be emphasized enough.
Relationships with managers are equally important. In the Ceridian study, 42 percent of respondents who are not satisfied with their salaries said that good relationships with managers are a factor in keeping their jobs.
To establish good working relationships, it is essential to foster an open workplace. Brainstorming sessions, networking opportunities and open forums can play an important role in making employees feel valued and happy.
A small organization must also focus on training managers to reach members of their team in a more positive way. Anonymous surveys to see what employees think about their managers and their team can produce interesting and useful insights. Based on this information, organizations should take the necessary steps to strengthen team work.
Happy photo of workers via Shutterstock