It’s hard for companies to lose employees, because they lose valuable productivity, skills and knowledge. It also hurts an organization’s bottom line.
But organizations that focus on employee retention reap a lot of additional benefits. Here are just a few:
Lower costs. It’s incredibly costly to find, recruit and onboard replacement workers. And don’t discount the lost productivity, lower employee engagement and other problems that can stem from lost employees, such as poor customer service.
More productivity: People who are more engaged in their work and have higher morale are typically stronger performers. Plus, it can take new hires one to two years or more to become as productive as a more seasoned employee.
Increased revenue: The more engaged your people are, the stronger their work, the higher their productivity and the better their customer service, all leading to improved results for your organization.
Better employee experience: Organizations that invest in their employees’ well-being and development foster more loyalty and boost employee engagement. In turn, engaged employees are more likely to stay, become more productive and speak highly about the organization to their peers and colleagues, further strengthening your employee culture, brand and reputation.