Do you want to know the reasons why many small businesses lose their workers to their competitors? If of late you have found that the best of your workers are leaving, then you might want to know why.
But rest assured that you’re not alone. This phenomenon is part of the lives of many small business owners. As soon as you’re able to identify the reasons your small business keeps losing its employees to competitors, you might just be able to fix it before it gets out of hand.
In this article, I explore the most common reasons why employees in a small business quit only to go and join forces with a rival company.
The factors that could cause a small business to lose its workers to a competitor are many and varied.
Depending on a number of internal and external realities existing in a particular business environment, people can choose to stay on or leave one team for another.
However, the following are known to be some of the major reasons for workers deciding to say good bye to any small business.
Your ability to spot these danger signs and your preparedness to act quickly enough can help you to forestall the unpleasant situation of losing your best workers to a competitor.
1. Poor remuneration
And a better pay offer elsewhere.
The truth is no employee would like to work hard only to receive peanuts as compensation. For that matter, where the monetary benefits of working with a different company are seen to be much better than what employees receive in their current company, the propensity to quit for the better offer becomes more real.
One sure way to deal with this situation in order to stop the business losing its workers to a competitor is to offer higher compensation for their work. You would also like to consider creating other incentives. Do it in a way that will make your employees know that you value their input.
2. Shabby treatment of employees
Every human being demands and deserves a certain level of respect and dignity. Bosses and small business owners who treat their staff in the opposite way must not be surprised when their team members start quitting.
So what can you do to rectify the situation? What must you be doing any time you discover that you’re losing the creme de la creme of your team due to your arrogant attitude, for example?
Change your ways, of course. Learn how to make your people feel that you love and respect them.
3. Lack of security
Are your workers certain about what their fate will be a couple of months or years down the road? If you’re the type who only knows how to give signals of uncertainty, fear and insecurity, you can be sure you won’t keep too many of your employees for long.
They will keep abandoning you for a more secure job or competitor.
What you need to do is to develop a keen and visible interest in the welfare of your people. Let them see that you have their future interest at heart. That is, even as you work to make their working conditions at the present moment more appealing.
One way to solve the problem, therefore, is to invest in the future of your workforce.
You may, as much as your resources will allow, create further education opportunities for those who will be interested.
In addition, promptly paying social security contributions of your staff will also go a long way to make them feel more secure.
Keep in mind that you have the power, as a small business owner, to ensure that your small business will not lose too many workers to competitors.
The methods for doing so vary. But, ultimately, what matters most is this. You have found what works for your small business in your effort to keep your team members happy. This way, they will continue to be the loyal cheerleaders of your enterprise.