How Do Small Businesses Keep Key Employees?

How do small businesses retain key employees? Once a small business is successful, this question must be addressed, or your business will pay the consequences. Are you ready to find creative ways to make your best people happy where they are, or, at least, keep them as long as possible?

Is your small business like "one big family?" Is it made up of incredible people who love what they do? Do you have exceptional employees who are indispensable - employees who have helped your business to grow and thrive? Have you considered what would happen if they left your employ to advance their career or grab a higher paying job? How would their departure impact your business?

One of the toughest situations a small business owner will face is the loss of key people. Key employees are people that are connected at the heart level to the company's mission and purpose. They are indispensable, and most successful small businesses rely on their trusted key people.

It's inevitable for small businesses to lose star talent, and it's tough to plan or prepare for this kind of loss. Many times the loss of exceptional employees is a double-edged sword. For example, if you lose them to a competitor it can hurt your company in more ways than one (to continue reading this article scroll down below the video - you don't want to miss this vital information).

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How To Keep Your Best Employees from Leaving by Denise O'Berry

Knowing what matters to your employees (especially your best staff), both personally and professionally, can be critical to retaining them. Taking the time to make sure that your business is providing opportunities towards their personal and professional growth is critical to retaining top contributors. Good employees will stay when the business culture is positive and opportunities are plentiful, even when they can get more money elsewhere.

Employees with talent have marketable skills they can leverage for higher pay. They can also launch out on their own, becoming the next small business owner. And why shouldn't they? Many small business owners cannot offer top-tier salaries and benefits that bigger businesses can offer. 

If you are a small business owner, perhaps you left an employer to fulfill your dreams of owning and operating a business. If this is true, how can you hold your best employees back when you left to start a business? You must have had exceptional skills, endless drive, and eager ambition, all of which made you a valuable employee. Now, that you are a small business owner the shoe is on the other foot. What would have kept you from venturing out on your own? The point is when your best people want to launch their own business are you prepared to replace them? Probably not.

The small business owner who wants to keep his or her people happy must contend with the reality that they might move on after a while, seeking better opportunities or career advancement. So, how does a small business owner handle the possibility of losing key employees? How can you hold on to them as long as possible? How do you prepare for the transition and replacement? If you are not thinking your way through this now, before your top people depart, you will regret it later when you get caught off guard.

The Top 3 Low-Cost Ways to Retain Your Best Employees

The article below appeared recently in the New York Times. We thought this article had some value and merit. In case you didn't read see this article, we highly recommend that you read it and ponder your unique situation. There are creative ways to keep your best skilled workers. You should know what motivates your best people, and how to serve their needs and keep them satisfied. To know what they are looking for, to know what makes them happy, and what can keep them employed with you longer is extremely important for all small business owners. Learn some positive ways to keep your people happy where they are.

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Small-Business Owners Devise Creative Ways to Keep Workers

This article originally appeared in The New York Times by Kathleen Murray December 2nd, 2015

Samantha Martin’s small-business nightmare typically stalks her on Gchat.

“It will be a Wednesday, and an employee messages, ‘Can we talk today?’,” said Ms. Martin, who owns Media Maison, a boutique public relations firm in Manhattan. “They’ll tell me they weren’t looking, but someone approached them,” she said. “In this industry, if another company dangles $5,000 and an opportunity to work on a fashion show, your loyal employee can be out the door.”

Knowing what really matters to employees, personally and professionally, can be critical to retention (to continue reading this article click "Next Page" below).