SMEs in Malaysia contribute to over 60% of employment. Without a doubt, most SMEs only have a lean team to grow their business therefore, it is crucial for them to retain their employees. However, most SME employers have too much on their plate to realise the importance of managing their team the right way. Taking a small step can lead to a better workplace for your employees.
Everyone likes to be appreciated for their effort. This is the same with your employees. More often that not, employers observe the flaws and mistakes made by their team than their achievements. Behind every successful business there is a highly motivated and well-performing team. To have that, understand their workload, acknowledge their accomplishment and incentivise them when they deserve it.
With social media and the accessibility of information, any review or comment will be seen by anyone in the world. A company that manages their team well will lead to positive feedback, making it easier to hire. This applies especially to the younger work force, where their preference is to work for a company that has a great company culture and a great brand.
Certain employers prefer to have their employees stay on after working hours instead of clocking out on time, thinking that it achieves higher productivity. This is not true for the most part. Employees that get their work done in a shorter amount of time may be more efficient, productive and has better time management. Overworking may lead to exhaustion causing counter-productivity for the employee.
In the age of technology, the younger working population are presented with more career options and opportunities. While this is a good thing for employers when it comes to recruitment, it also means that businesses have more trouble retaining their employees. Rewarding an employee and recognising their efforts can lower turnover rate, which in turn saves time and costs of recruiting and training new employees.