Employee retention tips.
When you purchase a business, you will immediately begin to deal with the employees. The type and size of business will determine the number of employees needed. A profitable business will usually have long-term employees who will want to continue to work for you when you purchase the business. Remember, your customers think of your employees as your business; so keeping employees happy and well informed is crucial.
It is important to get to know your employees, their skills, their interests, their personal goals, and their families. What meaning does work have for them? Do they usually enjoy going to work? Do they find their jobs stressful? Would money be a motivator for them, or maybe more time off, more leadership positions, more recognition, more flexible hours, or maybe more challenging jobs. Each employee will be in a different position in life, and communication with each is important.
Don’t ever assume more money is what every employee wants; because when people earn enough money to satisfy their needs, it takes other things to motivate them. A need is an internal state that makes certain outcomes appear attractive. An unsatisfied need creates tension that stimulates drives within individuals to satisfy the need.
You will be the owner of your business and have power over your employees, but it is important for you to be a leader and able to influence the employees toward the achievement of goals. You want them to get to know you and have confidence, trust and respect for you. The most dominant component of credibility is honesty. Some suggestions for building trust are practice openness, be fair, speak your feelings, tell the truth, show consistency, fulfill your promises, maintain confidences, and demonstrate competence.
Depending on the size of business you are purchasing, you may have routes with managers. It is important to have a chart with a chain of command so that each employee knows to whom he/she is accountable. This simplifies communication and the placement of responsibility. It also helps eliminate conflict.
Most small businesses you purchase will be less formalized organizations where employees have lots of freedom and exercise discretion in the way they do their work. With this atmosphere, the work place seems more like family; and it is easier to know what is going on with everyone. This is an advantage of a very small business, and anything that might affect motivation can be quickly corrected.
It is important to know every aspect of your business, but it is impossible to do all of the work. That is why you have employees. Some of your employees may be better at their job than you would be, and that will make you look good; but you must be able to do their job if the need arises at any time.
Several significant work place issues are important to look at in understanding motivation. Some of those are:
* Flextime – Employees are free to vary scheduled work hours within certain limits.
* Job Sharing – This is an emerging trend as the E-commerce boom is fueling delivery companies to be more competitive than ever before.
* Profit Sharing.
* Lump-sum bonuses.
* Employee stock ownership plans where employees receive stock as a performance incentive.
Each employee should have an evaluation with you at least once a year for feedback. Helping your employees set goals gives them reinforcement in their evaluations as you go through the success of their goals. In order for goals to be effective, they must be written, understandable, challenging, achievable, and measurable. People will do better when they get feedback, because it helps identify discrepancies between what they have done and what they want to do.