Guest Post by Susan Solovic www.susansolovic.com 

Hillary Clinton said “It takes a village to raise a child”; to raise a small business, it takes a strong, loyal team. One of the biggest assets any small company can have is a talented group of people who believe in the company’s vision and who are committed to helping it succeed.

During the recent economic downturn, businesses of all sizes struggled to survive, but small businesses were particularly affected. Many of us had difficulty making payroll monthly while others had to reduce their staffs. Nearly all of us asked our team members to do more with less.

Generally speaking, most employees were happy to simply have jobs during the recession; therefore, going without a pay increase or bonus was better than not having a job at all. However, now the economic tide is beginning to show signs of turning and employment opportunities seem to be on the rise, many employees are starting to think the grass may be greener on the other side of the fence. According to MetLife’s 9th Annual Study of Employee Benefits Trends, about one-third of employees hope to have a different employer in the next 12 months. Additionally, the study found only 47 percent of employees feel very strong loyalty to their employer which is down from 59 percent three years ago.

The study also showed that most employers were unaware about how dissatisfied their employees are. So while employees are griping, groaning and hitting the job search websites, executives of the business continue to believe they have a loyal staff. Hopefully, you won’t make that mistake. It is difficult and expensive to recruit, hire and train new employees — not to mention the disruption to your company’s work flow. So why not focus on ways to entice your team members to stay on board rather than jumping ship?

Yes, I realize the economy remains precarious. I think most of us who own businesses are still nervous about what to expect. Is the worst of the recession behind us? Who knows? As a result, you may not feel comfortable raising your overhead by providing pay increases or stretching your cash flow with bonuses; however, there are ways in which you can reward your best performers without breaking the bank.

One of the best ways to reward an employee is through sincere recognition of his or her work. Everyone likes to feel appreciated for their contributions. Because of the stress caused by the recession, a lot of business owners may have lost sight of that. It’s not too late. Take the time to personally recognize a team member of a job well done. It is a simple act that can pay huge dividends. I personally know talented people who work for below market-level salaries because they love their work environment and feel valued and appreciated.

Read the rest of the article on our Employee Assessment Solutions Blog