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When an employee leaves a small firm, the impact is felt more than with a larger organization. Small firms, unfortunately, do not always have the resources of large firms, making retention offers like stock options, larger offices, more money, greater opportunity, expanded responsibility often impossible. The following articles point out different methods that a variety of small organizations are using to address the issue of employee retention.
The Wall Street Journal Center for Entrepreneurs provides insight on two key issues for small businesses.
- "Small Firms Must Walk a Fine Cost-cutting Line"
There is a fine line that needs to be walked between shrinking a company and killing it off. Companies are being forced to work leaner even though cuts could hurt their viability. This article focuses on areas to keep lean and areas in which to grow.
http://www.startupjournal.com/runbusiness/survival/20020326-hennessey.html
- "Why Do Employees Leave? Study Says it's Not for Money"
Employee loyalty and retention have been extremely challenging issues in recent years. Areas with more stable populations like the Midwest and the South tend to have a more stable work force. In California, however, there seems to be greater movement. A study conducted by the Saratoga Institute in California determined that better career opportunities is the #1 reason employees are leaving jobs - not money.
http://sanjose.bizjournals.com/sanjose/stories/2002/01/07/focus4.html
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