How to boost employee retention rates

It's important to do what you can to retain your experienced employees, who have valuable skills and can create a sense of continuity during ownership transitions, writes Carole Spooner of Succession Services. She suggests tactics such as instituting a performance management system that lets employees know how they'll be evaluated, providing opportunities for employees to develop new skills and offering flexibility in scheduling when possible, she writes. However, "[r]etention initiatives are not substitutes for fair pay," she cautions.

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