9 Reasons To Invest in Employee Retention

Turnover is expensive and costs organizations insurmountable amounts of money each year. And not only is it resulting in a loss of money, but it is leading to productivity issues, poor morale and a revolving door of expertise and knowledge within organizations. The question everyone is asking is, why is the happening?

 

The answer varies per organization, there is a universal question we can all ask. What if we changed our perspective? Rather than wasting money due to turnover costs (think re-recruitment, retraining, re-onboarding, etc), we should focus on proactive prevention of those costs through investment in retention.

 

So why does this matter to your organization? Here are a few key actions that we see when employers invest in retention:

 

  1. Money is saved! (think training, recruitment, on-boarding, etc.)
  2. Morale is boosted and employees are more engaged
  3. Absenteeism goes down
  4. Production improves (because engaged people do better work!)
  5. Communication gaps minimize as teams work together better
  6. Retention of employees becomes the norm (Adios turnover problems!)
  7. Customer / client satisfaction goes through the roof
  8. Overall culture is enhanced, and referrals of other good employees increase
  9. Profits soar

 

In summary, we should stop putting band-aids on the problem of high turnover as it is only a temporary fix. The rewards of employee retention investing are too great to be ignored. For many of you, it may be time to re-strategize and rethink your efforts. It could allow you to bring your organization to the next level of success with retention. You may be spending a bit more money during transitional periods, but in the long run it will pay off. Because, smart investments lead to better results and more satisfied employees.

 

Leave a Reply

Your email address will not be published. Required fields are marked *