It’s no secret: Retail stores experience some of the highest employee turnover rates in the American workplace. Sometimes such turnover may be a sign that the economy is improving, but replacing those workers can cost small business retailers an arm and a leg. Here are a few ways successful retailers hang onto their best employees —without giving up any limbs.

A competitive benefits package

Ironically, the Affordable Care Act will reduce the retention power of providing healthcare insurance as now, individuals will have access to insurance outside of the workplace. However, other benefits that give employees the flexibility to work and have a personal life can be extremely attractive to certain highly valued employees. Paid time off is another attractive retention incentive.

Fun

(Photo via Wikipedia Commons)

Little things matter: Like providing pizza for lunch during the holiday season (which can be brutal) or making a big deal out of an NCAA basketball tournament bracket contest. It’s the little things like having an X-Box in your break room. Employees love to know that you’re not only thinking of them, but thankful for their hard work. It doesn’t have to be a extravagant, just an expression of your recognition that you know they’re people, first; employees second.

Use contests and incentives to motivate sales

Retailers sometimes offer gift cards, free merchandise, or other  rewards to boost employee productivity. These are great, and can foster a healthy competition amongst coworkers.

A decent non-commission-based salary

(Photo via (University of Denver)

While some prefer straight commission, in some environments, it can have the tendency to cause bad feelings among coworkers. In turn, that can lead to lowered morale. Think instead of offering a competitive salary, with commission incentives—say 2% on sales over $1,000.

“Stay interviews” are much more valuable than “Exit interviews”

You can learn a lot from an employee exit interview. However, why should wait until a valued employee is walking out the door to learn all of that? Formal or informal, schedule regular sit down sessions with longer-tenured employees and ask what the company can do better to hang onto valued employees like them.

Be as transparent and open as possible

 (Photo: Movie still from the 1939 film, The Women (via AllPosters.com)

Whenever possible, make sure everyone has the same information; both good and bad. Employees want to feel part of a team. They will march with you if they know precisely the facts related to the journey and the destination.

(Featured Photo: Leonora Enking via Flickr)

(via: WSJ.com)