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Ten Ways to Improve Staff Retention

Staff retention is crucial for the success of small businesses.

Losing valuable employees can be costly and time-consuming. Here are 10 proven strategies for staff retention in small businesses:

This article is available to download in the SBNZ resource centre. Click here to sign in, or become a member of Small Business New Zealand here.

1. Provide competitive compensation and benefits

Ensure that your employees are being paid a fair salary and offered competitive benefits packages.

2. Offer flexible work arrangements

Flexible working hours, work from home options, and other flexible arrangements can improve employee satisfaction and retention.

3. Invest in employee development

Provide opportunities for training, upskilling, and career development for your employees to help them grow professionally.

4. Create a positive company culture

Establish a positive and inclusive company culture that fosters teamwork, collaboration, and respect.

5. Recognise and reward employee performance

Acknowledge and reward good performance with bonuses, promotions, or other incentives.

6. Provide opportunities for employee feedback

Allow employees to voice their opinions and concerns and provide channels for feedback and suggestions.

7. Foster open communication

Encourage open and transparent communication among employees and management to build trust and mutual respect.

8. Create a sense of ownership

Give employees a sense of ownership over their work and allow them to take initiative and make decisions.

9. Show appreciation and recognition

Show appreciation and recognition for employees' hard work and contributions to the company.

10. Prioritise work-life balance

Encourage a healthy work-life balance by promoting employee wellness programs, allowing time off for personal reasons, and limiting work-related communication outside of business hours.


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