Although the past three years have not been easy, a looming recession, a home-buying slowdown, and historically low employment rates make owning a small business in the home improvement industry even more challenging in 2023. When uncertainty is the theme of the times, small business owners like you often rely upon the ingenuity and grit that drove you to become an entrepreneur in the first place to get you through.
However, a business cannot run, let alone grow, without a team. Employee turnover is expensive, so retaining your employees needs to be top of mind. Below we offer some advice from HR experts on how to attract and nurture a productive workforce in 2023.
According to Quantum Workspace, employee engagement is defined as “the strength of the mental and emotional connection employees feel toward the work they do, their teams, and their organization.” It is not happiness or well-being, rather it is the level of commitment, productivity and connection an employee offers their employer. The best way to gauge it is to check in with your employees on a regular basis to see how they are feeling. These interactions can be one-on-one or through surveys. Offering a workplace that challenges people’s talents and skills, inspires leadership and problem-solving, and encourages playing a role in the company’s success is central to ensuring you are giving your employees what they need to feel engaged in your business.
A work environment is not just the office you work in or the truck you drive. It is also the company culture, work/life balance initiatives and compensation packages. Creating a company culture that encourages communication, transparency and idea-sharing allows employees to feel connected to their part in achieving business goals. While the growing four-day workweek model may not be feasible in the home improvement industry (though Pro Remodeling offers an argument for it), offering flexible work schedules may be the key to retaining quality employees these days. We all want to feel fairly compensated also, so creating employment packages that include highly desired items like employee benefits can keep employees from looking elsewhere for them. The Wharton & Power Insurance Team specializes in helping small businesses offer competitive and affordable health insurance to their employees, so reach out to us if you have any questions.
A large issue facing small businesses is the inability to promote employees. After all, you need a team in order to have a manager to manage it, or you need multiple specialists to have an assistant and associate position. However, good employees need ways to grow, and they will look elsewhere if your company does not offer them. Developing what a career path looks like in your organization involves you, your HR advisor and your employees. SHRM.org offers a great resource on how to create career paths in an organization. Opportunities like additional training, apprentice or internship programs, and individualized career maps can be a first step in ensuring your employees see a future with your company.
The outlook for 2023 is muddy with predictions from all sides. But what is clear is that small business owners need employees to weather whatever the year brings them. By investing in your employees, you are helping ensure your continued success!
The Wharton & Power Insurance Team is your partner in providing the health benefits your employees are looking for. Reach out to us with questions or for more information. Send us an email or give us a call at 317.663.4138.