Why is a stable workforce so important to small businesses?
Stability within the workplace is a major contributor to employee morale. In the current economic client, particularly focusing on rising interest rates, people are looking for assurance that their job will be stable for the foreseeable future.
Maintaining a quality, long-term workforce enhances productivity, is incredibly cost-effective, and increases overall morale.
So how do we maintain stability within the workforce:
Provide open and honest communication
Share business goals and plans of action
Check-in with employees often
Provide employees with resources to succeed
Provide an optimistic work environment
Providing and maintaining a stable workforce should be a top priority for small businesses, as it allows management to plan ahead and make assumptions on how the business will continue and the associated costs incurred.