One of the most difficult problems small business owners face is keeping their key employees. General retention issues are certainly a stressor. But most employers are thinking about their most critical staff members, and how to keep them happily employed for the long term.
Small businesses want their most important team members to stick around for the long haul. But they don’t always know how to give those key employees a reason to stay.
After talking to business owners and employees across the United States, and surveying over 400 small businesses, we’ve learned that owners and employees alike are excited about phantom stock and profit sharing. A true stake in the business, in the form of short and long-term owner-like benefits, gives mission critical staff a worthwhile incentive to stay at their companies.
Ebook highlights:
- 70% of survey respondents want to award phantom stock and profit share with their employees.
- 53% of survey respondents are LLCs indicating they seek flexibility, affordability, and access to unique forms of equity.
- Nearly 39% of businesses interested in phantom stock are very small businesses employing between 1 to 5 people.
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