{"id":6361,"date":"2018-10-24T09:05:13","date_gmt":"2018-10-24T16:05:13","guid":{"rendered":"https:\/\/www.knowledgecity.com\/blog\/?p=6361"},"modified":"2024-05-17T13:38:20","modified_gmt":"2024-05-17T20:38:20","slug":"employee-retention-strategies","status":"publish","type":"post","link":"https:\/\/www.knowledgecity.com\/blog\/employee-retention-strategies\/","title":{"rendered":"Employee Retention Strategies Your Company Needs"},"content":{"rendered":"

Experienced business professionals already understand why employee retention is important with the most glaring reason being its high cost. Some studies have shown that losing a salaried employee can cost as much as\u00a0three to four times<\/a> the position’s salary. As if cost wasn\u2019t bad enough, a high turnover rate<\/a> reflects poorly on your employer brand<\/a>, which makes it difficult to recruit top talent <\/a>in the first place. Ultimately, employee retention issues significantly impact the company\u2019s bottom line. That\u2019s why it\u2019s critical to avoid the hassle and expense of finding and training replacements by implementing proven employee retention strategies.<\/p>\n

\"Team<\/a><\/p>\n

Employee Retention Strategies<\/h3>\n
Keep Track of Your Retention Rate<\/em><\/h5>\n

If you don\u2019t have a benchmark to start from, you\u2019ll never be able to keep track of your employee retention rate. Luckily, the formula<\/a> for calculating your employee retention rate is fairly straightforward. Simply divide the number of employees at the end of a period by the number of employees at the start and multiply by 100.<\/p>\n

For example, let\u2019s say you start your second quarter with 50 employees. However, due to unforeseen circumstances, seven employees are no longer with you at the end of the quarter. In this scenario, your retention rate would be 86 percent.<\/p>\n

Once you have a trackable starting point, you can begin the process of analyzing your business practices and implementing appropriate employee retention strategies.<\/p>\n

Invest in Employee Training<\/em><\/h5>\n

The top reason people give for leaving a job is that they weren\u2019t given a chance to advance in the company. Pew Research finds that 63% of employees<\/a> say the lack of opportunities for advancement are one of the leading causes of resignation. Taking the time to invest in your best employees<\/a> can help assure that they stick around and remain engaged <\/a>with their work.<\/p>\n

Maybe you can\u2019t promise everyone a path to the very top, but with today\u2019s abundance of flexible, online training options<\/a>, you can certainly give each of your employees a way to hone their skills.<\/p>\n

Money Isn\u2019t Everything\u2014But It\u2019s Not Nothing<\/em><\/h5>\n

A survey of 1,000 employees by human resources software company\u00a0BambooHR\u00a0revealed that while younger people are annoyed by low salaries, older employees appear to be less bothered.<\/p>\n

That\u2019s not to say money doesn\u2019t matter. Gallup reports 44 percent of employees<\/a> would consider leaving their current job for a boost in pay of 10 to 20 percent. Furthermore, according to Glassdoor<\/a>, a 10 percent base pay raise results in a 1.5 percent increase in the likelihood that the average employee will remain with the company.<\/p>\n

Listen to Feedback<\/em><\/h5>\n

Regarding communication in the workplace, \u00a0remember that it\u2019s a two-way<\/a> street. You\u2019ll never know what changes your employees want to see in your company culture until you ask.<\/p>\n

Some ways to gather constructive feedback from your team include:<\/p>\n