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.
Why Does Turnover Run So High In Some Companies?
The answer varies per organization but there is a universal question companies should be asking themselves… What if we changed our perspective? Rather than wasting money due to turnover costs (think re-recruitment, retraining, re-onboarding, etc), you should focus on proactive prevention of those costs through investment in retention.
When Employers Invest in Retention…
- Money is saved! (think training, recruitment, on-boarding, etc.)
- Morale is boosted and employees are more engaged
- Absenteeism goes down
- Production improves (because engaged people do better work!)
- Communication gaps minimize as teams work together better
- Retention of employees becomes the norm (Adios turnover problems!)
- Customer / client satisfaction goes through the roof
- Overall culture is enhanced, and referrals of other good employees increase
- Profits soar
Stop putting band-aids on your high turnover problem. Thing of the long term rewards that investing in employee retention will bring. It is time to re-strategize and rethink your employee retention efforts. Good employee retention will take your organization to the next level of success. You may have to spend a bit more during the transition, but the long term benefits will far exceed the short term pain. Smart employee retention investments lead to more satisfied employees and more productivity.
About MB Consulting Solutions
MB Consulting Solutions helps leaders develop thriving cultures through discussions, gap analysis, implementation, and coaching. Join the elite 10% of businesses who are intentional about their culture and are rewarded with lower turnover, higher morale, improved productivity, and enhanced communication. When People Matter, Companies THRIVE!
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