Most Well Guarded Secrets About Business you Must Should Have Know

 

A weekly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC), a collection of business assistance programs at the University of Wyoming.

Business owners in Wyoming are struggling to retain employees, and one of the most common things I hear when I talk to clients is, "In this economy, I just can't afford to raise wages and my workers are leaving."

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Myths About Engaged And Effective Business Keeps You From Growing

The basic premise is that people quit because they don't feel like they're being paid enough. It's true that employees need reasonable and competitive salaries, but in the post-pandemic workplace, salary alone will not guarantee engaged and loyal employees.

So what's the secret to employee retention? Business managers and leaders will have to break the old model of "I'm the boss, so do what I say." Today's employees, after decades of feeling like easily replaceable cogs in a carefree machine, now realize that if society doesn't care about them, they don't have to care about society.



Amazing Business Hacks

It's been a while coming, but the stresses of the COVID-19 pandemic have brought it to everyone's minds. What can business owners do?

In a recent article published by empuls, a guest contributor offered "The Top Nine Ways to Improve Employee Loyalty in 2022." I've picked the six I think are most important and the reasons I think are key or how to achieve them:

Biggest Business Mistakes You Can Easily Avoid

-- Encourage communication and feedback and follow up actions. Think back to your career. If your boss made you feel unimportant, never wanted to hear suggestions, or gave feedback one-way, was this where you wanted to stay, or were you always looking for or wishing for something better?

-- Praise good performance and show gratitude. What  was the last time you were happy with your employees? Here's a hint. If you haven't found something to praise, then you probably aren't looking. If you don't let people know they are doing a good job, they will look for one where they feel appreciated.

 If a problem arises, resolve it as quickly as possible and involve affected employees. Raise your hand if you've never had a problem in your business. If we were all in the room together right now, I don't think we'd see a single hand go up. Problems happen, but how you solve them will be a great indicator of how successful your business will be and whether your employees will stay with you. Plus, putting more thought into a problem generally means you'll come up with a better solution.

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Incredible  Business  Examples

Be flexible in defining work. Workers today have become accustomed to a higher degree of flexibility in the workplace. Every business is different, but think carefully about how you can help your employees balance their personal and work commitments. If you can offer some work-from-home or schedule flexibility, employees will take notice. Jobs without flexibility will tend to be revolving doors as people leave for greener pastures.

Invest in training and development. Do you want to maintain your best performances? Professional development and training will help. Look for ways to help your employees improve their skills. Both your employees and the business will benefit from this.

Attractive Business Transformations

Offer fair compensation and incentives. Salary and benefits are important. If employees know they are underpaid, they won't stay. But it doesn't have to be just the salary. You can offer personal days or other incentives or benefits to make their compensation a little more attractive.

The most challenging and rewarding job for managers is to ensure that their employees are engaged and feel that their workplace is where they want to be, and not a temporary solution until something better comes along.

If you are struggling to retain or hire new employees, call your Wyoming SBDC Network Advisor. Your consultant can help you develop employee retention strategies that will work for your business and your employees.



The Wyoming SBDC network offers free consulting and technical assistance to help Wyoming entrepreneurs think about, start, grow, reinvent or exit their businesses. In 2021, the Wyoming SBDC Network helped Wyoming entrepreneurs start 80 new businesses; supporting 4,077 jobs; and will bring a $9.2 million capital impact to the state. The Wyoming SBDC network is hosted by the UW with state funds from the Wyoming Business Council and funded in part through a cooperative agreement with the U.S. Small Business Administration.

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