Hiring the right talent is a difficult task. But maintaining them has also become a new challenge for the companies. Disengagement is the first sign of an employee who is on the verge of leaving a company.
Having competent employee retention strategies is the first step towards creating a highly engaged workplace Gone are the days when employers hold all the cards.
Employees do not feel like serving in a company where they are not considered essential and are not treated well. Thus, the key to retaining those top performers is to understand employee retention.
When top performers leave a company, their knowledge is lost. Without the previous employee’s expertise, the company’s remaining workforce may feel unproductive and disoriented.
Since a post remains vacant, they are forced to take the vacant post. This will further reduce the productivity of the remaining employees. All of this can ultimately contribute to burnout and future turnover.
Moreover, replacing a departing employee is costly as well. The cost range to replace an individual employee can be from one-half to two times the employee’s annual salary. Other associated costs, such as recruiting, onboarding, and training costs, with hiring new talent are outright expensive.
So, companies need to have effective strategies to increase employee retention. Here are some tips to make a compelling employee retention strategy.
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