Staff retention is one of the top challenges business owners face. For young business owners managing up in age and experience, minimising staff turnover can be especially challenging. As entrepreneurs, we often find ourselves leading teams with diverse age ranges and levels of experience. It’s a delicate balance to maintain cohesion and productivity, especially when there’s an inherent age gap between managers and their staff.
While there will never be a clear-cut approach to navigating this, there are effective, tried and tested strategies that can help businesses of varying age groups and experience levels minimise staff turnover.
One of the most effective strategies for young business owners is to remain open to learning and understanding the different facets of the business, whether that’s by being at forefront or in the background. While acknowledging that you can’t know everything, taking every possible opportunity to broaden your knowledge and expertise is key. Ultimately by staying attuned to business operations at ground level and keeping your finger on the pulse, you can build confidence in your leadership role.
When working with employees who possess decades more experience in their respective roles, investing your time with them can yield significant benefits. Whether delving into sales and administration or manufacturing and installation, these moments are invaluable. Never stop learning and go out of your way to be better at what you do. Being capable of stepping in and lightening the load at any level of the business not only earns the respect of your team but also fosters camaraderie and morale within the workplace.
Additionally, open and positive communication channels are essential for fostering mutual understanding and resolving any issues that may arise in the business. Whether it’s a personal concern or a professional matter, addressing it promptly and collaboratively demonstrates your commitment to supporting your team members. If you want to bring authenticity and a human aspect to your business, you must start by treating your staff as exactly that: human. To put it simply, ensuring the work environment is as fun and relaxing as possible is vital for the longevity of employees.
Utilising the experience and knowledge of older staff members can also be invaluable for the growth of your business. Recognise their expertise and leverage it as a resource for training and mentorship, thereby strengthening the overall skill set of your team.
Moreover, effective management doesn’t stop with older staff. Staff retention is a universal challenge for business owners, regardless of their team’s demographics. To cultivate a positive work environment and encourage loyalty, prioritise team bonding through regular events and activities. Whether it’s lunch outings, bowling, a V8 supercar experience or even a five-day cruise, providing regular opportunities for relaxation and camaraderie outside of work fosters a sense of belonging and buy-in to the culture and business as a whole.
Employee inclusion and empowerment truly is an invaluable investment for any business, and the expenditure on these activities should be regarded with the same importance as investments in other critical areas of the business. Happy employees are not only more engaged and productive but also less likely to seek opportunities elsewhere. Ultimately, the expense of hosting team-building activities is far outweighed by the costs associated with hiring and training new staff.
As small-business owners with limited resources, it’s easy to overlook the importance of investing in staff wellbeing. However, by prioritising competency, communication, and camaraderie, we can create workplaces where both young entrepreneurs and seasoned professionals thrive together. After all, the success of any business hinges not only on its products or services but also on the strength and cohesion of its team.
