Employee turnover can be one of the most expensive and time-consuming parts of owning a business. When an employee quits, it is not just a person the company is losing. It is also the cost of hiring and training a new employee along with lost productivity and business errors that come with someone new entering the workplace. This is why, it is so important for management to be able to recognize the warning signs of an employee who is going to quit. One of the most important parts of owning a … [Read more...]
Employee Engagement: An Important Facet in Retention
Polls and studies over the last several years have put employee engagement between 33 and 50%. This means that even at best, only half your workforce has a positive view of the work they do, or feels they make a valuable contribution. Employee engagement is an important facet in retention because it builds a partnership between employer and employee. Leadership helps develop the employees’ skills so they may reach their full potential, at the same time the employee is making a full effort to … [Read more...]
Is Job Growth Affecting Your Employee Retention Rates?
The unemployment rate continues to hover around 4%, with wages continuing to rise. Is job growth affecting your employee retention rates? Yes. Your initial offer affects your ability to hire the best candidates, but your internal wage increases must keep pace with the market to retain valuable talent. Greater competition between potential employers means that your competition is raising initial wages to attract candidates. There is often a lag between the market placing a greater value on … [Read more...]
Top 4 Reasons for Employee Turnover
A 2008 Gallup Poll found that the top 4 reasons for employee turnover were career advancement opportunities, pay or benefits, and poor fit, with management issues coming in strong at 4. Since then, multiple studies have continued to find all these causes of employee turnover remaining in the top 7, consistently, for the next eight years. It’s important for employers to understand elements that undermine longevity and increase turnover, because it impacts overall morale and productivity. Here … [Read more...]
