Employee Retention and the Small Business
Finding and keeping good employees is always a challenge and more so for the small business person. Small business competes with conglomerates for the best, most talented, the most motivated and the brightest employees. But smaller businesses do have some advantages. Indeed, some people choose never to work for a large conglomerate, but rather to develop their careers solely within the small business community.
For those of you reading my blogs you know that I am the product of a small family- owned business. My legal clients now are often family business owners of small and medium- sized firms. Thus, I am always eager to share articles and information to help them. And the area of employee retention takes the spotlight today.
According to the Bureau of Labor Statistics, the average worker may hold ten different jobs before age forty.
According to CNN.Money article: “The new normal: 4 job changes by the time you’re 32”by Heather Long @byHeatherLong April 12, 2016
Change is the new norm: Top employers accept that an interviewee on their resume will show a job change as often as every three years!
Total lifetime job changes: Forrester Research (www.forrester.com) predicts that today’s youngest workers will hold twelve to fifteen jobs in their lifetime!
Training new employees is expensive and even more of a challenge for the small business owner. Training takes time, and often TIME is something the small business owner lacks.
One idea coming from Invostepedia.com is information as to why employees are likely to leave a job. With such information, the small business owner can tailor their unique work environment toward the retention of good employees.
Shift of priorities: It appears that, rather than big salaries, workers are now interested in keeping a good Work/Life Balance. When that balance between work time and family/leisure time gets seriously unbalanced, then the employee is more likely to leave their job and seek a job with better balance.
The final word: Offer your employees a fair salary; provide reasonable opportunity for advancement with relevant job training; manage a decent benefits package; develop a healthy work environment without undue stress and with meaningful work assignments; practice a good management style; and a situation offering good work/life balance – and you just might be able to retain your best employees and compete for the best and brightest out there.
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