BRUCE WILSON

When you talk to many business owners, they cite good employees as their most valuable asset — and they're right. It is critical for businesses to retain their employees, but some experience constant turnover. This industry often lacks sufficient qualified employees to staff all companies.

Retaining your good, well-trained employees becomes a key driver for successful companies. However, many companies have destructive habits that drive employees away. They try to keep employees by paying them very well. That works sometimes, but for the most part employees want more than high pay. In fact, I once was told by a disgruntled employee of a company that paid its employees very well but abused them that they didn't have employees; they had prisoners.

Most employees need an environment that is stimulating, where they can do their jobs and be successful. Yet some companies do not have systems that make it easy for them to be successful. They have owners who constantly change things and/or are not equipped with the tools to assist employees in being successful. They are very demanding but do not provide the leadership that employees want and need.

Good employees want and thrive on recognition. The better companies realize this. They have programs that define expectations. They are demanding, but they reward successful behaviors.

Employees also want well-defined career paths. They want to know where the company is going, and how they will grow with it.

Most employees like an environment where they can make a difference. They like to be included in planning — particularly decision-making processes that affect their work. They respond well when they feel that their opinions count for something, and that the owners listen to them. Plus, their ideas have value.

The best companies have a working environments filled with mutual respect between their owners and employees. The owners are seen as good businesspeople who treat employees fairly and with respect. Good owners communicate regularly with employees, sharing the visions for their companies.

I talk to employees who say they receive better compensation offers all of the time, but will not leave because of the loyalty they feel to their companies, the owners and other key employees. In many cases, they feel like family. They believe the owners truly care about them as people.

In today's environment, employers must provide competitive pay and benefits, but it takes more than that if you want to retain employees and build a successful company.

— The author is a partner with entrepreneur Tom Oyler in the Wilson-Oyler Group, which offers consulting services. Visit http://www.wilson-oyler.com/.