Business Owners: Employee Appreciation

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by a searcher from The University of North Carolina at Chapel Hill - Kenan-Flagler Business School
in Austin, TX, USA

6yrs ago

Business Owners: Employee Appreciation

When your employees are your business (service businesses), what things do you do to show them they are valued, and increase retention? Especially when walking in as a new owner after acquisition.

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reply by a searcher 6yrs ago
from The University of Chicago in Chicago, IL, USA

I think the other comments have been spot on in regards to long term value and can result in wonderful returns.

Personally, I like to look for a simple and immediate item that can get accomplished on day 1. At both of my platform companies, I purchased new chairs for the entire staff. Six years later, it is still something that is talked about at my first company. Very small items can make an outsized impact on employee goodwill.

reply by a searcher 6yrs ago
from The University of North Carolina at Chapel Hill in Austin, TX, USA

Thanks for the insight everyone! Much appreciated. Currently creating a long and short term employee retention/appreciation plan and it definitely will be a mix of intrinsic and financial motivators.