Some members offered additional bonuses and perks to employees the longer they've been with their company. They agreed that the cost of replacing a worker with a new worker far exceeds the value of keeping that employee happy and loyal. People like to be recognized for their years of service. Offer Good Benefits An obvious strategy but sometimes one that's overlooked. Hiring a consultant to do an independent review of your company's benefits can ensure that you're competitive - or even exceeding the competition. Have An Open Door Policy Big companies have bureaucracy, rules and red tape. Smaller firms provide a much more flexible environment and - what's considered very important for so many workers - easier access to the company's senior management and owners. A few members stressed that their open door policy has kept their relationship with their employees strong. *** One thing that stands out for me in this list: these strategies are not new. And they’re not brain surgery. Most of these practices are long-held and just require common sense. I'm betting I could provide this same list a decade from now and all would stand the test of time. The takeaway is that these practices work, and good long term businesses have been employing them for years. Hope this helps.
Gene Marks CPA President - The Marks Group gene@markgroup.net
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