Many upcoming companies tend to vanish quickly as they start to be noticed due to lack of key employee retention strategy, especially when it comes to reward and recognition. Decisions made always tend to ward off or send Key employees packing. Decisions made tend to be made in a huff and often in the name of generality, one size fits all syndrome.
Time needs to be set aside to carefully analyse the employee make up so as to identify key personnel and ensure that the growth of the company is in line with their reward and recognition. Often, a SWOT analyses of staff make up is the last thing that is considered but the bottom line is in how much can we save instead of how much income can we continue to generate with a happy key employee or otherwise.
Often, sole proprieties tend to fold in the face of competition due to lack of the competitive age in terms of qualified and seasoned employees who can adjust when the going gets tough.
Hence, the concept of cheap is expensive is always ignored to the peril of such organisations. They always tend to revolve around infancy stage without any tangible growth, due to always being the market looking for replacement staff that always will require extensive training and time to start seeing the growth. Once that becomes noticeable, key personnel leave due to the same reasons as those they replaced, hence being overtaken by those organisations which place emphasis and have a key employee retention strategy.
The little profits made are always gobbled up by the recruitment cycle whose costs are so enormous although not always noticed.
Once Key personnel leave that often affects the morale of those that remain which at times or often ignites the need to leave as well hence having an unstable workforce often jumping ship at the first opportunity they get.
In a nutshell ignorance or not having a key employee retention strategy is like having a rudderless ship heading to running aground