You’re getting very excited because your business is growing. Pretty soon it will no longer be you running everything.  Business is starting to pick up and your sales are now high enough to start hiring your own employees.  After a couple of weeks of searching and hours of reviewing resumes and interviewing, you hire a manager for a key role in your company.  Let’s call this new manager Steve.

You spend many hours getting Steve up to speed on your business and after a year or two, he has really caught on. He is engaged in the business and contributes every day. He is reliable, a team player and a valuable employee.

One day a horrible thought hits you: What if Steve leaves?

Finding the right employee for the right position is hard enough, but finding a replacement to an outstanding employee is even more difficult and can hurt your business in the long term.  That gets you thinking; how do I retain all my valuable employees?

For small companies, keeping the right people in the right seats is key: Here are five ways to improve your employee retention and ensure your best and brightest stick around:

1. Take the time and effort to hire right. This one might be a no brainer but it is absolutely essential to take time and think before making a hire.  In any business you can’t afford to make even a single bad hire because one person may be a large part of your staff.  By picking the wrong person for just one position you’ve now negatively impacted the rest of your employees within the company.  It’s very important to take the time to find the right person for the right job.

2. Offer non-monetary benefits. There are many companies out there that may be able to offer higher pay as well as better benefits. Consider adding non-monetary benefits such as flexible work schedule, and non-medical benefits such as vision and dental coverage. Most employees will look at the total overall package and be very satisfied.

3. Recognition. Employees want to be appreciated.  Acknowledgment and plain old thank yous for going above and beyond the call of duty are important. Recognition programs such as employee of the month help too.  Showing appreciation for a job well done will go a long way.

4. Create Relationships. Relationships matter. Take the time to develop relationships with employees such as by mingling during lunch breaks and holding internal celebrations. Employees like to work in a place where they like their boss and their coworkers.

5. Listen. When in doubt, listen.  By listening to suggestions and input, you show that the employee is important and that they matter.