A small business can be greatly impacted by the quality of its workforce. So, when a small business draws in hardworking and talented workers, retaining these employees can be a high priority for the company’s owners.
When one thinks of things that could entice a person to stay with a company, their thoughts might go straight to compensation. While money can play a significant role in whether an employee decides to stay with a company, it is far from the only factor that can be a big one when it comes to employee retention. A recent survey suggests that how they feel about their coworkers can have a big impact on how likely an employee is to stick around.
In the survey, workers were asked why they have stayed in their current position. Nearly half of them, 47 percent, gave having good relationships with their coworkers as a reason for this. The percentage was even a little higher, 49 percent, among respondents identified as high performers.
Among high performers, good relationships with coworkers was slightly more common as a motivator for staying with a company than good pay.
Given how big of a role the relationships they have with their colleagues can have on how workers feel about staying with a company, maintaining a positive work environment that can foster such relationships can be an important part of a small business owner’s efforts to retain quality employees.
Among the things that can be critical in maintaining a good work environment is keeping it free of toxic conduct. This includes things like discrimination and harassment. In addition to spoiling a work environment, such conduct being present in a workplace could cause a business to face employment litigation.
This underscores how important having strong and effective workplace policies against harassment, discrimination and other toxic behaviors can be for a small company. Small business owners can go to business lawyers for help with building such policies.
Source: Small Business Trends, “Good People Edge Out Good Pay as Top Way to Retain Top Talent,” Shubhomita Bose, Nov. 1, 2017