Employee Retention Initiatives
Now a days, employers have to work hard to hang on to their best staff. Employee retention can be defined as the vintage of the employ for which they stay with the organization.
Here are few good reasons why businesses should be working hard on employee retention initiatives
If Good employee leaves, it has crushing effect on the morale of the staff left behind. Presenting with the right benefits and opportunities to the employees is the one strategy that employers should be embracing upon.
Attracting and retaining employees is fundamental to business success. Employees are the greatest assets to any company and high attrition can have big negative impact on any company’s performance.
Cost of Hiring new talents and training them is of considerable cost. In case of high attrition, there is the issue of drop in productivity too by the employees serving their notice periods.
Employees also feel motivated if they believe that the company is really appreciating their service and job commitment. Job satisfaction leads to employee retention
The impacts of employee turnover go far beyond temporary disruptions. For one, it’s costly. Replacing an employee costs roughly one-third of their annual salary.
As employees watch their colleagues leave, their workloads often increase. This can lead to a downward spiral of departures and stress. Frustrated, overworked employees are less likely to perform at their peak, meaning the company’s product or service suffers, and customers have more negative interactions with the company. The ramifications are difficult to fully quantify.
Effective Employee Retention Strategies:
1. Invest In Employees’ Careers
2. Focus on Managers
3. Recognize Employees’ Contributions
4. Reassess Compensation
5. Consider Your Benefits Package
6. Prioritize Work-Life Balance
7. Create Pathways for Growth
8. Improve Organizational Culture
9. Prioritize Hybrid and Remote Options
10. Focus on Flexibility
11. Give Employees the Tools for Success
12. Support Employee Wellbeing
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