Did you know it can cost you one and a half to two times an employee’s salary to replace them if they leave? When employees voluntarily leave a job, you are not only losing a good employee, but the burden of hiring someone new falls on you.
Employee retention is essential to all businesses, and it doesn’t come down to salary alone. How can you retain your employees? Keep reading; we’ll give you some options and ways to make your employees’ lives better.
Attracting and Retaining Talent
When you are looking to hire employees, you want top talent and people willing to stay with your company for years to come. For some, what attracts them to a company is not simply salary but other benefits as well.
For example, some might prefer EWA (Earned Wage Access), so they can have access to the money they have earned at all times, instead of simply when they get a paycheck. Companies like payactiv.com can offer this option, proving that implementing something like this can retain employees.
Other things that can attract employees to your company are clear paths to career advancement, flexible hours, ensuring they feel appreciated and recognized, and offering ways to achieve professional growth through training.
Why Retain Employees
Employee retention can save a business time and money. If you have a constantly revolving door of employees, you are spending a ton of your time and effort looking to hire new people as a business owner. After they are hired, the new employees require training and time to settle into their role before starting to be productive.
The time and money spent on this process are more than you may think. Keeping top talent under your roof is good for business and profits.
How to Retain Employees
If you are looking to implement some staff retention strategies, first look at how motivating your team can help. Ensure you give credit to employees and celebrate them. Recognize good work through incentives and try to keep them engaged in their work.
Think about offering flexible work hours. Many employees see this as a huge benefit when they are thinking about staying at a company, and it is one of the top two considerations when looking to start a new position.
Look into other things you can offer your employees as well, and stick to your promises. Building trust with your staff will encourage them to stay put.
Focus on Employee Retention and See Your Company Flourish
Employee retention is a way to help your company gain a foothold in the future. You want top talent working for you, not leaving to work for a competitor. Implement some retention strategies and stick to them. Identify if you are breeding a toxic work environment and make changes if you need to. You’ll see the benefits.
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