Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, what happens when a business owner passes on, lack of recognition kills retention and onboarding is for everyone.
What Happens When the Business Owner Dies
Succession planning is often associated with big companies. But the death of an owner of a small business can leave employees experiencing uncertainty even as they grieve.
The succession issue is real. Many business owners reaching retirement age, don’t have a plan for their business.
The Number: 2.4 million. There are 2.4 million Baby Boomer business owners.
The Quote: “He was a typical entrepreneur who didn’t have a lot of policies written down. I feel like I went on a daily journey, getting through the day, handling my grief and also figuring the company out.”
Lack of Recognition Leads to Quitting
According to research, a lack of recognition often leads to employees leaving. In fact, the majority of workers say they weren’t recognized at work once in the last year. If you’re experiencing a high employee turnover rate, consider offering some praise.
The Number: 79% A lack of recognition was a major reason for quitting among 79% of workers.
The Quote: “If leaders give their people the recognition they’ve earned, show genuine appreciation and acknowledge the unique things people have to offer and do, then they will drive significantly better results”
Onboarding Isn’t Just for Newbies
A survey found that the majority of HR professionals believe onboarding should be used for new hires and existing employees. However, the majority also say they tailor their onboarding process for new workers.
The Number: 94%. Ninety-four percent of HR professionals say onboarding is key part of employee development beyond the new hire period.
The Quote: “These results paint a picture of a corporate environment that is not using the full potential of its greatest assets – its people – through onboarding, learning and performance programs for employee development and training.”