Employee retention is the topic Cindy Joyce discusses in a recent article for Business to Community. Retaining employees is critical for a business’s success – not only because it’s expensive to replace employees, but also because losing employees can be bad for company morale, productivity, and performance. And in this tight labor market, employee retention is more imperative than ever.
Science of Retaining Employees
Cindy asserts that there is a science to employee retention. To retain employees, companies must offer competitive compensation packages that are current with market salaries for your location and industry. And the benefits packages must be competitive as well. Another way to retain employees? Engage employees to give feedback on company decisions; ask employees what matters to them. All of this demonstrates commitment to your team.
Art of Retaining Employees
In addition, employers can excel at the art of employee retention by focusing on relationship-building through weekly team emails, team recognition, and company retreats. Of course, an informal way to engage with your team is to walk around and visit with them during the day. Offering surprise gift cards or company swag can also help build a cohesive team.