Employee Retention has become a concern for organizations across the globe. Employee turnover adversely affects a company’s performance and growth.
According to the Centre for American Progress, employee turnover costs roughly 20% of an employee’s salary to replace that individual. The US Bureau of Labor Statistics states that people quit jobs in search of better opportunities and 31% of employees quit even before completing half-a-year in an organization. This has been a major concern for HR and leaders, and retention of top performers has become a priority.
There could be several reasons for employee dissatisfaction and sudden exit. But there is always a scope to come up with well-planned employee retention strategies to control turnover rate.
Employee Retention Strategies
Stop your talent from leaving. Pay does matter, but it is more important to understand employee needs and cater to them accordingly.