Q: How do I retain good employees who are getting antsy or may be looking for new jobs?
A: Business owners with modest budgets often have to think outside the paycheck to retain talent. Patricia Greene, an entrepreneurship professor at Babson College in Wellesley, Mass., and the national academic director for the Goldman Sachs 10,000 Small Businesses program, offers these suggestions.
1. Understand what motivates your employees. It’s not always money—and that’s a good thing when you don’t have much. “Knowing what’s important, you can get creative,” Greene says.
2. Make employees proud to be there. It often helps to get them involved in charitable ventures. “That actually does motivate people,” Greene says. “People like to feel good about where they work.”
3. Show your employees a path to professional growth. Greene advises asking yourself, “What else could they possibly take on where they could learn more?”