Good employees are not easy to find, but they are easy to lose. You should develop some kind of retention strategy in order to keep good employees in your company. Implementing this strategy is critical for success of your business. Economy and situation on job market are starting to improve which leads to troubles with keeping your top performers. Competition is tough and losing you best workers will put you in bad position, especially if those employees are transferring to your competitors. Not only that losing your workers will cost you money and time but it will also damage your productivity. 83% of people agree that turnover of key talent is very expensive.
You can lose from 7 to 32 weeks depending on origin of new employee. Can you believe that? Then you need to consider the money you will lose on advertising fees, agency fees, temporary replacement fees and cost of internal HR processes. Cost of rehiring accounting clerk is $15,724 which is quite unbelievable if you consider that their average base salary is $32,297. That means that you are paying a half of their salary on rehiring cost. It is definitely better to find a way of keeping your staff, wouldn’t you agree?
There are couple of steps you need to make to create successful retention strategy. For example, you need to pay smart. If you give your workers a low pay they may leave, but over compensating won’t make up for a poor work environment. You need to ensure positive work environment for your employees. Create a strong workforce. You employees will work harder if they have clear career paths and room for advancement. They need to know they are appreciated for the work they are doing. In this helpful infographic you will find more ways to make your employees happy.