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Keeping Your Employees

07/20/2020 - Growing Your Business

A group of young professionals animatedly discussing charts on an easel board behind them.

Attracting employees is a challenge, but you’ve done it. You’ve found an ambitious, hard-working group of employees to help make your business a success. Now your challenge is to create a motivational, exciting, and productive workplace. As an employer, it’s important to stay aware of your employees’ feelings about their jobs, as well as provide incentives to establish a creative environment in your office.

Employee Feedback

Even if you have managers to oversee the day-to-day work of your employees, there are several ways to get employee feedback directly as well. It’s an important way to hold on to an informal environment as your work force expands.

Keep communication lines open. Your employees should feel comfortable coming to you to discuss work issues. To maintain that openness as your business grows, try to arrange for regularly scheduled meetings with each employee. If you think some of them may be uncomfortable in a one-on-one meeting, try small groups.

Keep communication lines open.

Have staff meetings or lunches. Every two weeks or so, get together with your employees to review what’s happening in the business. You can include any important updates and generate discussion about new products or ideas. These meetings are also the time to let your employees offer their feedback and creative thoughts.

Your Feedback

It’s very important to let your employees know when they’re doing a good job, or when you feel that their work needs improvement.

Schedule salary reviews and make promotions at regular intervals. By promoting employees, you are showing that you reward hard work. When you do a salary review, it’s the perfect time to go over any strengths and weaknesses an employee may have. And it’s also a time to give long-term employees new responsibilities.

Give criticism behind closed doors. A working environment should be positive, so while public praise is often a good idea, criticism should remain a private matter.

Developmental Incentives

If you are employing a large number of working parents, providing subsidized daycare may be a wise choice. There may be other small business owners nearby who would collaborate on providing these services.

You can arrange for on-the-job training when an employee joins your company. Or you can offer training or workshops every six months to a year. Many employers choose to have their employees take online workshops or courses in your business or industry.

Financial Incentives

Even if you already have retirement and health plans in place, or match your employees’ contributions to their retirement plans, there are additional ways that you can provide employee incentives. You can offer a profit sharing plan. Basically, that means that you pay a certain percentage of your company’s profits to your employees. If your profits are less than you anticipate in any year, or if you need the money to expand, you can always skip a year.

Many companies offer stock options or stock appreciation rights to their employees. If the company goes public or is sold, the employees share your financial success. You’ll need professional help to set up a plan such as this, but you may find it’s a great loyalty builder.

Finally, you can create an employee stock ownership plan (ESOP). With an ESOP, you create a trust fund for existing shares of stock and establish individual ESOP accounts for your employees who choose to participate in the plan. You contribute shares to those accounts based on a formula you set up. You can use an ESOP to give your employees bonuses and incentives or as part of a 401(k) or other retirement plan.

More Options

As employment rates steadily increase, there’s increased competition among businesses to find and keep employees. Added incentives are often a good idea if you want to keep your essential employees.

Many companies have created mentor structures, to help younger employees learn the ropes and get advice from their older, more experienced colleagues. You can implement this type of structure by matching up two people in the same division of your company, one with many years of experience and perhaps someone you’ve just hired. It’s smart to encourage these mentor groups to meet often.

Although it may be costly, it’s important to keep the technology in your office state-of-the art so employees can be as productive as possible.

Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.

Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.

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