Employee/1099 Contractor Retention

If you live with dogs, you understand the importance of retention. They require stimulation, socialization, and some might say, purpose. Otherwise, they can become bored and destructive and stray if given the chance. The same concept centering around purpose can be said for those who help your business succeed.

Whether you have employees or utilize 1099 Contractors to complete your work, Retention is an important concept to help you strategize around their strengths. There is a topic in the Human Resources field known as ‘the five C’s of Employee Retention’. They are Compensate, Commend, Challenge, Career, and Culture. It may truly benefit your firm and your reputation to spend some time understanding each of these terms.

We have written often about pay or compensation. Make sure you are paying your employees or contractors their market value and paying them on time. Praising them, thanking them, rewarding them can go a long way in commending their performance and their contributions. We all need to be needed.

Creating opportunities where everyone is challenged, intellectually, gives each of us a chance to broaden our horizons and constantly learn. The more we learn, the better equipped we are to complete work tasks. And while small businesses may not be able to offer many career paths, ensuring worthwhile and fulfilling work can inspire everyone.

Last, but not least, maintaining a professional and positive culture will help enhance your firm’s reputation as a business to be associated with and work hard for, on any job. The positive culture you build around your brand will always encourage others to follow.

The investment that you make in your team should be focused around keeping them for the duration of the company or the particular contract or project. Likewise, their investment in supporting your firm should be recognized and appreciated. Long term retention means success for both parties.

Be well.