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6/17/2013 - Retention fears high among business owners

Retention is a focus for businessowners nationwide this year.

After a year in which many business owners had to close their doors permanently because they were so adversely affected by natural catastrophes, entrepreneurs are understandably devoting much of their attention toward ensuring they have the property businessowners insurance policy in place so that they can recover their losses. But a new poll reveals that company managers are also concerned about losing valuable employees to a rival organization.

According to the survey, which was conducted by staffing firm Robert Half, approximately 40% of the chief financial officers polled said that their greatest concern over the next 12 months is retention, or making sure that their workers stay with them over the long haul.

Paul McDonald, senior executive director for the human resources company, noted that the economy is still not on solid footing, so businesses still aren't hiring. As a result, they're putting more of an emphasis on the employees they do have, many of whom have a set of unique skill sets that entrepreneurs can't afford to lose.

"Professionals with specialized skills have more opportunities available to them, which has led to talent shortages in some areas and made replacing valuable employees even more difficult," said McDonald. "Employers will need to pull out all the stops to retain their best and brightest, including ensuring compensation is competitive and top performers know there's a career path available to them with the company."

These retention worries may be grounded in the notion that many of today's workers are in positions that they didn't see themselves in when they were younger. In other words, they may be working at a company because it pays the bills, not necessarily because it's their dream job.

According to a recent poll conducted by USA Network, nearly 80% of Americans say that their current employment does not adequately reflect their career path. Furthermore, if given the opportunity to work for a company they always wanted, the vast majority of the poll's respondents would take it readily.

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