Small businesses are focusing more resources on employee-retention plans, rather than recruiting efforts or new benefits policies, a recent survey found.
Of 241 small-business executives surveyed nationwide, 21 percent said they have expanded training and professional development to boost employee retention, while 80 percent said they considered their salaries "as competitive" or even "more competitive" than larger competitors, according to Employco, a Westmont, Ill.-based business services firm.
The survey also found that a majority of small businesses were prepared to weather the retirement wave of baby boomers, with 88 percent of respondents expecting only 5 percent or less of their workforce being eligible for retirement within the next five years. Though not expecting large amounts of turnover, 62 percent of small-business owners polled reported having a succession plan in place to handle employee departures.
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