Small businesses are dependent on a limited number of staff for the development of new products, decision-making, and risk mitigation strategies. This staff is perceived as the key staff in the organization and it is often very harmful for the company if this staff leaves the organization taking their skills expertise and knowledge with them. As a result, the companies tend to invest heavily in human resource development programs whereby the staff is provided specific facilities, counseling as well and motivation to work harder for the company while retaining them in the business as well.
Some of the traditional methods of retaining employees pertain to providing them with attractive compensation-based packages that over their expenses as well as provide for investment.
Mostly this takes the form of investing in the ownership or the shares of the company so the employees are motivated to perform well on the job and therefore increase the share price of the company resulting in higher returns on their investments.
Similarly, other strategies can take the form of providing them with training and allowance for pursuing further education in specific fields as well as providing specific specialized services such as memberships to clubs, discounts, and other intrinsic and extrinsic benefits.
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