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Understanding life insurance

July 30, 2019

Got a small business? Here’s how to retain employees

As a small-business owner, there’s likely one thing you rely on most in your day-to-day work: your employees.

Having talented workers on your team means you're getting the help you need to achieve your business goals. But there's no guarantee how long that talent will stay with you.
So what can you do to keep your hard-working team members onboard in the long-run? Here are a few simple tips to encourage and nurture your employees. And learn how you can protect your business when a valued employee leaves.

1. Offer professional development opportunities

What are today's millennials looking for from their employers? Sufficient training. A new Deloitte survey reports nearly 70% of millennials believe they may only have a few of the skills needed to succeed in the future workplace. They'd love their company to help them to meet those challenges. As a businessperson, you may ask yourself, "What if I train my team and they leave?" But imagine the possibilities if they stay. Then you'll reap the benefits of a highly trained, engaged and appreciative workforce.

2. Create a workplace culture that boosts engagement

Workplace culture remains essential when it comes to keeping talent. A LinkedIn survey says 70% of workers said they'd pass on a job with a negative culture. Camaraderie and teamwork can be important in making employees feel optimistic about their workplace. But don't make the mistake of reducing culture to mere fun and games.

Show employees how your product or service aligns with a larger mission. Like preserving the environment. You could also encourage volunteering or philanthropy. This helps the whole team work together toward a better community.

3. Provide work flexibility whenever possible

Employees value flexibility, which helps with work-life balance. This could include flexible work hours, telecommuting, or a mix of the two. The Conference Board of Canada says more than 85% of companies offer employees flexible working options. If you're not offering such accommodations, your competition may be.

And flexibility isn't just about appealing to younger workers. Many of your workers are likely part of the "sandwich generation." They're caring for both their parents and children. Flexible schedules could help them better balance those responsibilities. Plus, it can create a new pool of potential employees who crave flexibility in their work-lives. The key is to consider worker productivity, rather than how many hours they put on the clock.

4. Protect yourself with key person insurance

Despite your best efforts to have a dynamic workplace vibe that keeps your workers content, sometimes they move on. Perhaps it's for a different opportunity. Or maybe it's because of a life change like a spouse relocation or health event. It happens.

True, you can cross-train employees and create a pipeline of other talent. But it's still a challenge when someone critical to your business moves on. This is why it helps to consider how your organization would fare if a key employee were to leave. It can be difficult to replace someone whose specialized knowledge or skills helps drive your growth and success.

Losing a key employee has real costs — from reduced profits to the expense of finding a suitable replacement. That's why key person insurance can be so important for when a true tragedy strikes. Be prepared if one of your most important employees becomes ill, disabled or passes away. You can get working capital by using life insurance, disability insurance, and critical illness insurance. This allows you to reassure creditors and replace lost business income while searching for a replacement.

Key person insurance can help your business continuation strategy. Then, you can focus on what really matters. An advisor can help.

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