One of the biggest challenges that small businesses are facing today is in hiring employees that can truly help their business grow… and getting these people to stick around long enough to see that growth happen. Not only are today’s workers more likely to job hop then those of the previous generations, but small businesses must often compete with larger companies that can afford to offer an alluring package of benefits and career opportunities.

Retain Key Employees in 2015 with Collaboration & Career DevelopmentSo what can small business owners do to attract talented employees and get them to stay? Often the solution is to find creative ways to tap into the talents you are looking for, and that process starts with understanding what your employees really want out of their work and life in the first place.

In a recent study from Addison Group, it was found that Millennials (those aged 20 to 34), which represents the biggest, growing section of the workforce, prefer work environments that foster development and collaboration. When asked what qualities they want most in their managers:

  • 63% said the ability to give honest feedback
  • 58% said experience in the field
  • 56% said trustworthiness
  • 37% said the ability to makes time for employees
  • 36% said collaborative

Millennials also tend to place more value on collaboration and relationship building among co-workers and even managers than their Gen X and Baby Boomer peers. In LinkedIn’s latest Relationships @Work study, Millennials rely on workplace friendships to boost their mood and output:

  • 57% said friendships make them feel happy
  • 50% said friendships were motivating
  • 39% said friendships made them more productive

On the other hand, almost half the workers surveyed between the ages of 55-65 reported that friendships at work had nothing to do with their performance on the job.

Moreover, Millennial workers are looking for companies that can provide them with a defined path for career development as well as interesting and useful training opportunities.

How does this all translate to your small business? With fewer employees and a less formal structure, small businesses tend to be more intimate and collaborative by nature. Plus, the smaller number of employees often means that workers get to cross train in various different aspects of the business. They also have more opportunities for meaningful input and ownership over the results. But at the same time, many small businesses trip themselves up by not promoting these opportunities to potential new hires.

In short, success will be dependent not just on your budget, but on your ability to give your employees a sense of ownership, camaraderie, purpose, and personal development- qualities that they can’t always easily achieve in a bigger company. In the end they will be more likely to want to build and grow with you because they will get a sense of who they could become as a result.