In simple words, employee retention is the effort taken by an organization to hold on to its most prized asset – the employees! Moreover, a low or high employee retention rate directly impacts the company’s overall business.
Let’s remember the statistics, shall we?
It costs 50 – 60% of an employee’s annual salary to hire their replacement.
One in four new employees will quit in their first year at your company, which means you could be investing in new employees who will leave in a few months.
A highly engaged workforce can boost sales by 20% and profitability by 21%.
Disengagement costs businesses $550 billion every year worldwide.
What do we recommend?
- 80% of employee turnover is due to bad hiring decisions. Review processes in depth.
- Adapt to the requirements of the time. Flexible working arrangements have become one of the top things that people look for in a new job. It became an expectation rather than a benefit.
- It’s time to recognize and reward hard work rather than just appreciating results!
- The top priority is health. Very clear. Prioritize employee well-being
- Don’t make employees stick to their laid down responsibilities. Involve them in various tasks and give them a chance to work with other departments. Bring excitement to work!
- Investing in employee learning and development shows employees they are valued.
- Communication, communication, communication at every step of the organization! It’s simple, we’re just talking about talking.