Retaining a valuable employee is one of the bigger challenges a small business owner will have to find a solution to in order to achieve long-term success. Much is invested in both time and money to recruit and train good employees. So what exactly does it take to attract and retain a good employee today?
A recent article in Small Biz Trends, "The Number One Reason Employees Stay in a Small Business...", indicates the number one benefit offered by employers was … drum roll please: paid vacation time. This is the top benefit that employers surveyed in the GrowBiz Media Small Business Hiring and Retention Survey 2012 said they offered their employees. Over sixty-seven percent (67.7% to be exact) said they offered paid vacation.
However, when you dig deeper into the survey to find out what encourages employees to stick around, it isn’t the benefit offering at all. It’s the relationship the employee has with management.
Those surveyed said the following were the top factors influencing employees to stay:
Selling to an ESOP Rewards Loyal Employees & Preserves Company Legacy. Business owners cannot afford to lose the investment they've made in a top performer. Based upon the survey results above, it is important small business continue to explore ways to create a culture that lends itself to the employee feeling like a true partner in the success of the company. The dedication toward this goal can have far reaching benefits; turning your company's ownership culture into a profit center.