Retaining Employees Not Priority At Private Firms

Although U.S. privately held fast-growth companies are spending nearly 50% of their total budgets on their workforces, keeping employees around is not a priority, according to PricewaterhouseCoopers (PwC), an advisory services firm.

Their workforces are their single largest business expense, accounting for 49% of their total budgets when salaries, bonuses, employee benefits and compensation plans are included, CEOs at 312 product and services companies told PwC.

However, less than one-third of the companies regularly discuss employee retention issues in their management meetings (28%) -- or understand why key employees leave the company (27%).

PwC's survey was completed in May, and results were published on September 12.