Every industry nowadays experiences a competitive and quick changing labor market. Companies and firms often struggle with many employees who come and go.
It is crucial to understand why the staff leaves not only for the business to continue running but to keep top talents in your team. The efforts to retain employees in the company is beneficial not just in the long run but for the future of the business.
What does “staff retention” really mean?
Staff Retention is defined as an effort made by the company to have their employees stay with them for the longest time. This effort also helps to lessen employee turnover – which brings risks and toll to business performance.
Retention of staff includes strategies that company management develop to understand the following:
- What do employees and staff value in a company and what makes them stay
- The financial impact when an employee stay vs. turnover
- Other areas of improvement in which employees could be happier in the company
Staff retention plays a key role in a Business
Retention of staff plays a key role in any company or firm not only by means of financial assets. Aside from avoiding hiring expenses, staff retention promotes the health and strengthens the success of an organization.
Hiring and training new employees could be stressful – it also brings negative impact to your business financially and lowers the morale of your team.
Read the full article here: Staff Retention 101