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Is employee retention being given enough attention?

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In order for businesses to be truly successful, they need to be focused on the satisfaction of their employees. Due to how much competition is out there, employees don’t feel as though they are stuck within one particular company. This means, if they aren’t happy, they’re going to start looking for employment elsewhere.

Employee retention might not seem like an important thing to focus on. However, when you take into account the costs of hiring and training new employees, as well as the disruption to the business, you start to realize just how crucial it really is.

Here, we’ll look at why employee retention should be a main focus for businesses today, and the best ways to improve it.

Why is employee retention important?

As a business, your employees are your most valuable asset. They are the backbone of the company and without them the business simply wouldn’t be able to operate. So, if your employees are frequently leaving, it’s going to potentially cause a lot of disruption to the business.

Employee turnover can also be extremely costly. There’s the cost of hiring new employees, training them up and then providing continued training. You may also have a period of time where the role is unfulfilled, costing the business in terms of production. A high staff turnover can also impact the morale in the workplace, which in turn will also impact your bottom line.

Could career development be key?

One of the key thing’s employees want in the workplace is the opportunity to progress. In numerous surveys carried out in recent years, it has been discovered that training is one of the major things’ employees want. So, offering career development opportunities is definitely going to help in your employee retention efforts.

By providing ongoing training, it can boost employee confidence and motivation. This also benefits your business as they will also be a lot more productive.

The benefits of employee wellness programs

Another thing that’s going to drastically improve employee retention, is the introduction of wellness programs. Employee wellness has become a major focus for businesses. The happier and more fulfilled your employees are, the less likely they’re going to want to leave.

You can offer numerous employee benefits such as financial help, gym memberships, healthy office snacks and a more attractive and comfortable workspace. If you’re unsure where to start, it’s a good idea to ask your employees what they feel would improve their health and wellbeing at work.

Overall, employee retention is an important factor you should focus on. While some level of staff turnover can be expected, a high level definitely needs to be addressed. The above is just some of the ways you can improve staff retention.

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