May 04, 2021

Why It Pays to Retain Good Employees

Retaining Employees- Is This Crucial?

Although reports can’t agree on one price, most estimates put the cost of losing an employee at two times that of the employee’s annual salary. In addition, that cost can rise quickly if we are talking about replacing executives.

Why It Costs So Much to Lose An Employee

The true costs can never be fully known as most companies don’t track the actual price of replacing employees. There are certainly additional costs not accounted for that add to these losses as well.

How to Improve Employee Retention

Why Recruitment is Key:

Employee retention efforts often start during the recruitment process. Hard data evidence shows that employees are more likely to stay with a company that gave a realistic view of its corporate culture, advancement opportunities, and role expectations. Providing good benefits packages also attract top talent and keep them around. Being able to rely on your team is important to company culture. The longer that employees remain at a company, the more it starts to feel like home. Allowing your employees to be completely comfortable with their coworkers is key to improving trust, communication, and productivity.

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