Why Is Employee Retention Important?

April 17, 2019 Julia Hisey

BVB_04.17_FeatureImage

 

Why Is Employee Retention Important?

I just read the great article, “To Have and to Hold by SHRM® - where they highlighted the importance of employee retention. It got me thinking. I get people not buying into the whole corporate culture thing because they think it’s something drummed up by “millennials” (oh, what a drag) but how can anyone not see the benefits of a good company culture when it comes to retention?

SHRM does a great job of highlighting case studies that prove a better culture saves your company money.

I highly suggest you take a deep dive into their article here.

 

What’s the Cost of Employee Turnover?

HR professionals have it tough with recruiting and hiring talent since the candidate’s options are so vast today. Sometimes it feels like you need an army to get someone hired.

In SHRM’s article, Danny Nelms was quoted:

“Employees are sellers in a seller’s market”

What I’m trying to say is that your current employees matter. Making sure they are happy (within reason) is crucial for your company.

The average cost to replace a mid-level employee is 20% of their annual salary (Center for American Progress).

 

Shop Employee Appreciation Gifts

 

Why do Employees Quit Their Jobs?

People quit for various reasons, however common ones are lack of proper training, insufficient benefits/compensation, lack of ability to move up in the workplace, and little to no work-life balance.

 

Top Reasons Employees Quit Their Jobs in 2018

BVB_04.17_Image1

 

How to Retain Your Employees

Listen to Their Needs

Creating a quarterly survey to check in and see how your staff is doing is a great way to read how they’re feeling. It also provides you the opportunity to get feedback on any needs or wants that would help create a better environment for your team.

 

Invest in Them

Once you have that feedback – run with it and invest in ways to create a better work environment.

Here are a few ideas on how to create a positive work culture.

 

Download the Positive Culture eBook

 

Show They’re Valued

Whether it’s a full-on trophy or a note of praise – recognition in the workplace can boost employee engagement and company morale.

 

BVB_04.17_Image2
BVB_04.17_Image3
BVB_04.17_Image4
Shop Trophies
Shop Reusable Mugs
Shop Drinkware

Ready for more corporate culture tips?

Subscribe to our blog!

 

Previous Article
Last Minute Ways to Celebrate Administrative Professionals Day
Last Minute Ways to Celebrate Administrative Professionals Day

Administrative Professional’s Day is almost here. Celebrate your hard-working admin staff with these last m...

Next Article
The History of the High Five and Why It Can Be So Powerful
The History of the High Five and Why It Can Be So Powerful

National High Five Day is April 18th! Find out why high fives can be so important in the workplace.