Employees are the most important part of any business, therefore, it makes sense that staff retention is becoming more valuable to an organisation.
However, smaller companies may feel at a disadvantage in this area, with smaller budgets limiting the perks offered to workers.
But according to a recent report, this may not be the case at all.
While larger companies may be able to entices employees with cars, corporate credit cards and bigger pay packets, smaller business can achieve similar results by focusing on employees’ motivations, Fairfax media reported.
Figures from the Australian Home Resources Institute revealed boredom was accountable for 34 per cent of resignations, with a lack of promotion blamed for 27 per cent, and inadequate work-life balance responsible for 25 per cent of workers leaving an organisation.
Mark Allsop, of consulting firm Deloitte, said there were some sizable advantages smaller businesses could offer prospective workers, including flexibility, employee recognition and improved communication.
One of the biggest motivators and factors impacting positively on staff retention levels is career development opportunities.
Mr Allsop said smaller businesses may be able to offer career advancement to workers, whether this is through a new role or upskilling staff, the reward and recognition in the workplace is invaluable.