Small Business Finance News
Most Employers Willing To Invest In Employee Retention
Written by Jenna Weiner
Published: 3/18/2010
Even in financially uncertain times, employers will take precautions to make certain they retain valued employees.
The departure of long-term or valued staff can be bad news for small business owners, many of whom depend on client relationships and unique skills that employees bring with them. A new survey shows that most companies are willing to go out of their way to retain top employees in difficult economic times.
The data comes from specialized staffing service Accountemps, through interviews with more than 1,400 CFOs from a random sample of American companies. Respondents were asked, "which of the following steps are you taking or do you plan to take to retain your employees as the economy improves?"
Responses showed that half were willing to offer promotions to top performers, while nearly half were willing to raise salaries. Increasing investment in professional development, enhancing benefits and reinstating or increasing benefits followed as the most popular measures. More than three-quarters were willing to take at least one step toward employee retention.
Performance Partners consultant Sterling Price recently wrote an article for EzineArticles.com recommending that businesses take careful measures to measure employee satisfaction. "Climate assessments" through surveys and meetings can help determine how employees feel about their jobs and the environment at work.
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