What are some of the best practices for motivating and retaining your staff?

Recognition and Appreciation: Regularly acknowledge and appreciate employees' contributions. Clear Communication: Keep employees informed about company goals, changes, and their role in achieving success. Professional Development: Offer opportunities for learning and growth to enhance skills and career advancement. Work-Life Balance: Promote a healthy balance between work and personal life to avoid burnout. Competitive Compensation: Ensure salaries and benefits are competitive within the industry to attract and retain top talent. Employee Involvement: Involve employees in decision-making processes and seek their input on relevant matters. Flexible Work Options: Positive Work Environment: Performance Feedback and so on..

As a fractional CFO and business owner myself, developing a plan and clearly setting goals with all your employees is essential. I collaboratively set SMART goals each year with my employees. Financial compensation should be associated with achieving each goal, motivating employees to achieve their goals. Quarterly, once the goals are set, I meet with each team member to assess their progress towards that goal and offer a portion of the agreed-upon compensation for that goal, assuming appropriate progress has been made by the employee. Structuring goals and compensation together has made all the difference in my business!

Feedback and recognition play pivotal roles in motivating and retaining staff, as they strike a balance between constructive criticism and praise. Often, leaders may lean more towards one end of the spectrum, either focusing too much on areas for improvement or overly emphasizing praise. However, team members thrive on a blend of both. They seek acknowledgment for their achievements as much as they value constructive insights into their performance and growth. It's crucial for leaders to assess their tendencies in providing feedback and actively work towards offering a balanced mix. Engaging with your team by recognizing their successes and addressing areas for growth fosters a supportive environment that encourages continuous improvement.

Company work culture is everything. Lots of recent studies show that having a workplace friend or friend group greatly increases the retention rates of employees. Some studies have gone as far as citing friendship as the most important factor.

A positive workplace culture is key to keeping employees motivated and engaged. Here’s 2 ways to foster that: Encourage open communication: Make it easy for employees to express their thoughts and opinions without fear of judgment. This can be done through open-door policies, anonymous feedback channels, or regular check-ins with leadership. Recognize achievements: Celebrate both small and big wins. Acknowledging individual and team accomplishments can boost morale. This could be as simple as a shoutout during team meetings or more formal rewards like "Employee of the Month."

You can also keep regular staff meetings, no matter how brief to solicit ideas and feedback on weekly workflow, incidents and possible solutions from their perspective. Showing how everyone's job affects the other helps them understand how important they are to overall business success.

Getting feedback from employees shows that their opinions are valued, which helps increase motivation and loyalty. Act on feedback: Taking action on feedback is key. When employees see that their ideas or concerns lead to real changes, they feel empowered and valued. For example, if an employee suggests a more efficient process for a task, implementing it shows that you’re listening and taking their input seriously. Involve employees in decision-making: Whether it’s changes in company policy or launching a new project, involve employees in the decision-making process. This inclusion creates a sense of ownership, making employees more invested in the company’s success.

Flexibility in the workplace is becoming more critical, especially as remote work and flexible hours are now more common. Flexible work arrangements: Offer remote work options, flexible hours, or compressed workweeks to accommodate employees' personal lives. This shows that you trust your employees to get their work done in ways that fit their lifestyle. It also reduces stress and improves mental health, making it easier to maintain a healthy work-life balance. Focus on results, not process: Instead of focusing on how tasks are completed, focus on the results. This builds a sense of responsibility and ownership in employees, motivating them to do their best work.

Despite the lessons from the past few years, many managers are still uncomfortable with or don’t feel they can offer their employees flexibility. This is often due to managers drawing their own conclusions on what flexibility looks like. Don’t fall for this trap. Take the time to talk to your employees about what greater autonomy or flexibility looks like for them. You might find it’s a lot less disruptive than you realize. Even the conversation will do wonders for engagement, but once you actually understand what matters to them you’ll be able to get creative and deliver it in ways you didn’t consider before.

Small surprises can go a long way when showing your employees you care about them: As a former landscape business owner, my favorite surprise was getting a round of 7/11 slushies for the crew during the occasional heat wave. It doesn't have to break the bank or be complex, sometimes it's the simple acts of showing you care.