Why Employee Retention is Important!

1. Turnover is Expensive

This perception fails to account for many very real costs, such as offboarding, onboarding, relocation, training, and the loss of work while acclimating new employees. The reality is that in the US, replacing an employee costs between 40% and 60% of their annual compensation. For a position with critical skills, it can cost over 100% of annual compensation.

2. Veteran Employees Add Value

Competent and experienced employees have a market of their own in the employee market. Organizations need to make them feel that they are respected. Workplaces benefit from long-term employees. Every company, be it small or big, should take the time to check-in with experienced employees

3. Bad Hires Hurt Morale

When companies fire bad hires, they harm the morale of other dedicated employees in the organization. The workers may start to wonder if their jobs are secure. They may also doubt the competency of the company's management.

2. Your Competitors Benefit Directly

Companies put employee retention strategies in place to keep them away from their competitors. When a talented employee quits, he is either going back to school, moving to another location, or looking for a better career opportunity.

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Why Employee Retention is So Important!

So, there's a lot we can do to improve employee retention. Many of these options weren't available a decade ago. Technology provides many new opportunities to improve.