25 Oct 2019, 13:00 — 4 min read
Companies spend a lot of effort and money attracting the best employees. In an increasingly competitive business world, the ‘war for talent’ has been on the rise. But what happens when you actually get them? Employee retention is a critical issue in companies. It doesn’t only mean keeping your high performing employees, but it also leads to significant savings for the company.
According to the Society of Human Resource Management (SHRM), the cost of employee turnover is 2.5 times an employee’s salary depending on the role and other costs like lowered productivity, decreased engagement, and training costs.
Increased performance, improved productivity, and boosted morale are some of the benefits when a company starts to focus on employee retention. The bottom line is that focusing on employee retention will retain talented employees, which will contribute to the company’s success. What’s the point of attracting great talent if you can’t retain them in the long run? Here are some tips to help keep your retention rate and revenue high.
Many employees look for ways to cut down expenses but having attractive benefits can go a long way toward helping you retain workers.
Some benefits you can offer are:
Almost all companies offer this at least once the employee is regularized.
Also read: Yield a high-performance work culture with these unconventional motivating tools
Companies that spend time developing their employees through professional development and career advancement create a culture that proves to employees that they are valued by the company.
Here are some programs you can explore:
Also read: SMEs can take advantage of these 6 tools to increase employee productivity
According to Gallup, 75% of the overall reasons for employees to resign is management related issues. Leadership and management are often what makes or breaks the company’s retention rate. If the leadership is good enough, employees will definitely enjoy their work and their stay in the company.
Also read: 7 building blocks of an effective leader
If you need help in keeping the retention rate high, leverage these strategies to create a profitable company, where employees enjoy working.
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