Letter: Vested employees are more likely to stay
The problem with hiring and retaining qualified workers is nationwide. The solution is simple.
If you give your employees some "skin in the game" they will stay. By this I mean year-end bonuses (on some profitability formula) or a small portion of ownership in your company which vests after a period of time (3-5 years). If employees "feel" like owners they will take a different, more positive and long-term approach to their job and in my opinion, perform at a higher level.
It won't work with everyone, but you will be able to retain key employees for an extended period of time.
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