Your staff is your most valuable resource. Recruiting and hiring is a necessary part of building a high-functioning team, but retaining your top talent is also critical to maintaining a high-functioning staff. Employee retention should be a corporate priority. By focusing on retention, you can increase positivity and motivation of your employees, reduce unnecessary turnover costs, and make sure your projects are staffed by experienced and trained workers. This article will discuss the three top reasons why you should make employee retention a high priority.
Retention Increases Morale
Employee morale and positivity is more than just a bonus for staff. It is a very real influencing factor in their work product and their commitment to an employer. Focusing your efforts on retaining existing employees has a marked effect on how your staff feels valued, and therefore on your bottom line. High turnover is not only disconcerting for existing employees, but it sends a message that yours is not a company people stick with for the long term. This will unavoidably impact your ability to maintain a high-quality staff of talented professionals. It is much better to address issues of turnover and morale head-on and in a transparent manner.
The Cost of Losing an Employee
Interestingly, employee retention programs can have a positive impact on overall human resource budgets. It costs quite a lot to recruit and train new employees. It is much more cost-efficient to retain and invest in the talent that you have. The cost of making your existing talent feel appreciated and valued pales in comparison to the cost of hiring from scratch, both in terms of recruiting expenses and lost productivity.
Employee retention programs needn’t be limited to financial compensation either. Today’s modern worker is interested in a compensation package that is competitive but also well balanced. Medical and dental benefits are highly valued. Vacation and other leave programs are also important. A flexible work schedule or telecommuting options also make a job more attractive. Most importantly of all, an employer’s commitment to its employees is what is valued. Show that you care about your staff and their goals through mentorship programs, training opportunities, and working with them to develop a clear career path based on their abilities and ambitions.
Avoiding a High Turnover Culture
Especially in today’s world of social media and increased connectivity, high turnover rates look awful to prospective employees. Don’t think this information isn’t readily available to candidates. With websites like Glassdoor.com becoming increasingly popular, candidates are doing their research about the companies they want to work for. A culture of high turnover and dissatisfied employees will earn your business a bad reputation online as well as across professional networks. Making the effort to increase your retention rates and support the employees you rely on will help to boost your reputation and make talented individuals actively seek you out for employment.
Contact the helpful and knowledgeable consultants at Search Staffing today for expert assistance developing a robust and high functioning employee retention program.