1. What are the benefits of employee retention?
Building a financially sound organization includes developing structures that keep your best employees around. Companies that do so reap significant rewards, including better corporate performance, higher productivity, better work quality, greater employee satisfaction and better customer experience.
2. Why is employee turnover a problem?
Employee turnover is a leading workforce management challenge for many organizations, compromising their growth and profit. One estimate places the cost to replace an employee — including recruiting, hiring and training a new worker — as high as 50% to 60% of the lost worker’s salary. Company culture, employee satisfaction and other soft costs add up, too.
3. What is the meaning of employee retention?
Employee retention refers to the strategies and processes an organization develops to keep its top talent and mitigate turnover risks.
4. How do you maintain employee retention?
A positive employee experience can boost employee engagement and satisfaction. Employees who feel respected and trusted, are fairly compensated and have the opportunity to use their skills tend to remain with their organizations for the long term.