Employee Retention

The Entrepreneurial Mind posts today on the results of the Entrepreneurial Challenge Survey. The top five challenges reported where: 1. Retention of key workers--73% 2. Developing new products and services--38% 3. Expansion to markets inside the U.S.--36% 4. Increased productivity--35% 5. Upgrading technology--28% It is interesting that Retention of key workers was number 1 by a large percentage. I have written before that hiring, educating, and managing my employees (and payroll budget) is bringing the most anxiety as we get closer to an opening date and it seems that I am not alone. Good workers are expensive and need to be taken care of properly. I feel that it is worth the extra time and the few dollars more they require in pay to keep these workers. It is more expensive (because of training, etc) to re-hire than to retain. I am determined to created a good team of employees and keep them there as long as possible. It not only helps keep morale alive, it helps the business run smoother, customers feel secure in who they are dealing with, and keeps money in the business that would otherwise be spent on advertising for new employees, training (from scratch), and time spent in interviews. My goal is to treat my employees fairly and pay them as much as I can per my budget. Payroll can get out of hand easily but we do not want to lose the workers that are helping us succeed. A good worker is worth the investment. This might not come as more money but in certain rewards or benefits that we can offer. I will do my best to created a system before we open that all employees will be familiar with. That will help keep morale high and expenses in check. ...be bold (you can read more about this in a earlier this earlier post by Dr. Cornwall at the Entrepreneurial Mind)