Employees are human beings, not just a cog in a machine. You invest so much time, energy, and money into the development of an employee, and if they leave, it hurts the business and affects the culture and momentum. Whether they handle your business admin, marketing, or strategy, employees are essential to keep.
For this reason, your company should consider a staff retention programme or more specific measures. Retaining positive and hardworking employees will mean your business is more productive, profitable, and enjoyable in the long-term.
Here are five reasons an employee retention programme could work for your business.
1. Losing employees costs money
Anywhere between 30% and 150% of a person’s salary is used to replace lost employees. That is a cost your business will face every time an employee leaves.
Advertising cost, recruitment cost, and training cost all influence the bottom line of your company. Also, take into consideration the loss of productivity, as it takes time to train a new employee to be on par with everyone else.
2. Reduced turnover
You need to retain staff to create a good workplace culture. It takes time for genuine relationships to build, and if people are coming and going all the time, you cannot foster the proper work environment. Make good people want to stay with you.
3. Greater productivity
Imagine an employee leaves, and you need to pick up the slack while you train someone else. Delivery will be affected; you may have to postpone essential assignments; there is no one to do the business tax; and your good people are using their time to train someone.
If your employee is happy with the work environment and how they are being treated, they will be less likely to leave.
4. A happier workplace
You don’t want high staff turnover! Morale problems affect loyalty and make staff less likely to put their best foot forward. Creating a positive workplace will ensure happy, dependable workers. They will also become advocates for the business with family and friends.
5. Strong recruitment
Hiring the right people from the start is crucial. Hiring the wrong person is like shooting yourself in the foot, and it’s hard to play catch up. You want the reputation of having a solid recruiting process that hires employees who stay with the business long term.
If you need advice on employee retention, business tax, or accounting, then Accountants 2 Business is a wealth of knowledge.
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