Employee retention is one of the most important measures of success for any business owner or manager, but also one of the most difficult to achieve. Employee retention is so important because the research has shown that it can cost nearly 20% of an hourly employee’s yearly salary just to replace that employee after being let off. Organizations that are having quick turnover rates with their employees can end up spending a significant amount of extra money each year. And unfortunately, those cost can add up very quickly!
To prevent these setbacks there are several skills and ideas that can be adapted by any organization. Here is a quick breakdown of those ideas. Organizations should train managers to have great people skills. They should allow for more flexible schedules. They should create opportunities for professional growth within their company. They should promote diversity and inclusion. And finally, they should provide employees with compensation beyond wages.
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