Employees For Keeps: Some Best Practice Suggestions for Employee Retention in Small and Family-Run Businesses

Both economic and cultural factors strongly suggest it is better to hire employees, to the greatest extent possible, “for keeps”.  This is particularly challenging with today’s low unemployment rates. Employee turnover is expensive, imposing monetary costs (as much as $100,000 for a single employee) as well as leading to a “downward spiral” in  worker morale and negatively impacting workplace culture, “fracturing” work teams and preventing them from optimizing their potential. In consequence, employee retention is crucial for the success of small and family-run businesses.

A person helping another person climb a mountain.

Equity, Diversity and Inclusion – “Mentorability” as an Example for Small and Family-Run Businesses 

Over the past decade, large corporations and BigLaw firms have increasingly institutionalized departments with staff specifically paid to improve their equity, diversity, and inclusion (EDI).  However, smaller, and family-run businesses are often in a position where they must work towards improving their EDI initiatives without the benefit of specifically dedicated staff.