This time of year brings thoughts of change and new opportunities. If your business is looking forward to the new year with great hope and potential on the horizon, you’re not alone. According to the Conference Board, CEO confidence surged in the final quarter of 2016, reaching its highest level in nearly six years. Also, business leaders’ appraisal of current conditions in their own industries also improved significantly, with forty-six percent stating conditions in their own industries have improved versus only twenty-one percent in the third quarter.
As part of any smart business planning, CEOs and business leaders are always working to understand where to invest business capital. Capital investments can, of course, take the form of purchases to improve or expand operations, but thoughtful owners and operators think of brainpower, skills, and experience as investable assets, as well, and as keys to business success.
One of the most rewarding areas of investment is in employee retention — investment in human capital. As I work with businesses and read about what affects business operations the most, I have noticed that employees consistently have the most impact, good or bad, on the success of a business. For purposes of my thoughts here, I will focus on the benefits of retention and touch only lightly on some