This adds up to spending a lot of time, money, and energy to replace workers that could have been retained with a good employee retention strategy. The process of finding the best talent typically involves advertising job postings, recruitment agencies, screening, interviews, and hiring. It costs an employer an average of 33% of an employee’s yearly salary for their exit. If not, then there may come a point where they leave because they don’t see any future for themselves at your business. It’s important to make sure you are offering these types of opportunities so they feel like they have something to look forward to. This can be done through training programs or mentoring opportunities that will help develop skillsets in new areas. When an employee does not feel valued at work, 76% look for another job opportunityĪ workplace survey report found that 94% of surveyed employees responded that if a company invested in helping them learn, they would stay longer. The best way to retain employees is by making them feel valued and providing them the opportunity for growth within your organization. In fact, entry-level employees typically cost 50% of their salary to replace.Įmployee retention also helps boost morale, reduces costs, maintains a good customer experience, and reduces overall costs. Think about it when an employee leaves a company, it takes a considerable chunk of time to deal with their departure. It is both costly and detrimental to a business to have low employee retention. However, retaining employees from the beginning will help reduce the hassle and wasted time. Why employee retention is importantĮmployee turnover is part of any business. Employee retention, however, is frequently regarded as the effort employers make to keep their employees. The retention rate of employees can be expressed by a simple statistic.
What is employee retention?Īn organization’s ability to keep its employees refers to employee retention. Employers are not only losing valuable talent but also having to deal with hiring, training, and replacing lost workers. Statistics show that employee turnover has been rising in recent years. One survey found 94% would stay at their current employer if they invested in their long term learning. This is a significant number and one that needs to be addressed with some urgency if employers want to fix this problem in their company.Įach month in the US, 3 to 4.5 million employees quit their job according to the Job Openings and Labor Turnover Survey (JOLTS). One-third of new employees quit after about six (6) months, according to statistics.
It’s not just about keeping your employees happy, it’s about retaining your talent and ensuring you keep the best people with you as long as possible. Employee retention is a big issue in the workforce.
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