Employee Retention: 4 of the Most Crucial Aspects You Need to Know If You Own a Business
Employee retention is one of the most critical things in a company. And we can sure understand why: no one likes to lose employees – this means that the company can lose productivity and crucial knowledge for the business.
We have written this article to talk about surprising employee retention statistics, which you are probably not aware of.
There are around 3 million Americans who quit their job each and every month.
And that, since January 2019. This number represents the population of at least five states in America. This is a problem which many companies have to deal with. People decide to resign for numerous reasons, but if one of those reasons is the workplace, you might have to think things through.
31% out of 1000 employees leave their job in the first six months
And the principal reason is unfortunate experiences at work and the fact that the job duties are not clear. But you can solve this problem quickly.
It is all about transparency. And do not forget about trust. You need to make sure that the people who work for you are going to be committed every day and that you are giving them everything they need — for example, some clarity when it comes to their duties in the company.
More than a half of businesses cannot keep their most valuable workers
And this is a huge problem. Hiring has increased, but so did the attrition rates. It is all about which workers decide to leave.
If one of your workers is excellent at his or her job, make sure you recognize his or her work on your business. If they do it, and you do not give them a reward, they would want to leave at some point. You do not want them to believe that you are taking them for granted. Always make sure you recognize the success you have because of your employees. If you want to learn more about how to keep your people happy and your employee retention under control, don’t forget to review VIKTOR’s tips on employee retention.
About 80% of all HR leaders think that improving retention is a priority in a firm
According to some research, 80% of HR leaders know the real importance of employee retention. They believe it should be among the essential things in a company. However, it represents a problem because of the lack of resources and all the other priorities. Limited executive support is also a huge problem. Keep in mind that you need to take time for improving retention.
In order to replace an excellent employee, you might have to pay 200% of their annual salary
No one said that turnover was cheap. If you want to see how much it would cost you to lose employees, you need to look at multiple factors. And it’s not only about the money. You are also losing a valuable employee from your company. You need to focus on a rewarding system for your workers and value them while they are still on your team.
Doris’s passion for writing started to take shape in college where she was editor-in-chief of the college newspaper. Even though she ended up working in IT for more than 7 years, she’s now back to what he always enjoyed doing. With a true passion for technology, Doris mostly covers tech-related topics.