As your business grows, you’re often challenged with finding new employees, but have you considered the importance of keeping your existing talent?
Your employee retention plan is critical to your business future growth and success. According to Gartner Inc, 37.4 million employees will quit their job in 2022. On average it takes employers 42 days to fill a position. Additionally, the total cost to replace one individual employee can be up to two times that exiting employee’s salary.
Besides the costs and time associated with losing an employee, your remaining team will be adversely impacted. When an employee quits, they take their valuable knowledge. This can lead to confusion among your current staff and decreased productivity. Additionally, your remaining employees must fill in the roles until a new hire is found and trained. This can quickly lead to burnout and more employee turnover.
We’ve put together five employee retention strategies to help keep your employees, reduce costs, and help fuel growth.
Every company will have a bit different of a strategy, but some key components of your strategy should include:
- Establishing an Onboarding Process – this is key to getting off on the right foot.
- Creating Opportunities for Professional Growth – find ways to help your employees prevent stagnation in their roles.
- Employee Recognition – hard work deserves to be recognized.
- Holding Performance Reviews – these are critical for letting every team member know where they are and areas for growth.
- Enhancing Compensation and Benefits – It is a workers’ market today. Make sure your team is being compensated well to work for you.
- Creating a Great Work Environment – is your work environment great? Could it be improved?
Use some or all of these retention strategies to reduce costs, increase productivity, and have an increased employee engagement.
If you need assistance implementing these strategies, give our office a call today.Tags: #businesssuccess