Many entrepreneurs make the mistake of training an employee only to lose them to a higher paying or more attractive job once they become fully trained and able to justify the investment made in them. Managing employees is nearly an art form. Obviously, compensation is a key issue. It can be possible to induce good employees to your business by lures other than money. Flexible hours and conditions are high incentives to employees with small children and other family or business obligations.
Many employees are willing to take less pay if medical insurance and other benefits are available.
Be creative and keep an open mind. Don't rush into what could be one of the most important decisions in your business. You must also be prepared to lose your good employees. Make sure you know what they know. You may have to perform them yourself or train someone else to do so.