Employee retention is one of the most important measures of success for any business owner or manager, but also one of the most difficult to achieve. It is so important because the research has shown that it can cost nearly 20% of an hourly employee’s yearly salary just to replace them after they have left. Organizations that are having quick turnover rates with their employees can end up spending a significant amount of extra money each year. Those cost can add up very quickly! To prevent these setbacks there are several skills and ideas that can be adapted by any organization. Here is a breakdown of those ideas.
Companies should train managers to have great people skills. They should allow for more flexible schedules. Organizations should create opportunities for professional growth within their company. They should promote diversity and inclusion. And finally, they should provide employees with compensation beyond wages.