3 Top Reasons for a Retention Strategy

When it comes to hiring and firing employees, some people cycle through people faster than Henry VIII – but there might be more reasons for employee retention than you might think. With companies boasting all kinds of perks of the job from the usual health and dental to travel and exercise bonuses – it’s no wonder that people are jumping ship from company to company to make the most of the benefits.

A retention strategy is imperative, now more than ever – but if you’re still struggling to see the pros, you’re not to worry. We’ve compiled a helpful list of our 3 top reasons for a retention strategy at your company so you’ll have to worry less about out headhunters poaching your employees:

  1. Seasoned employees = better employees

It’s no secret that those of us that have stayed in a job for longer than others are better at what they do. From customer service, efficiency and number of errors – it’s often the case that the seasoned employees are usually the best.

Although we’ll see enthusiasm from younger, newer and fresh employees through the doors of your company – sometimes there’s just no substitute for experience.

  1. The cost of rehiring

The cost of rehiring, retraining and having a full reshuffle in your business is astronomical compared to the cost of retention. When you combine that with the negative morale, increased workloads and potential uncertainty in the company – stress will pile on the rest of your staff – that’s not good for anyone.

It’s not just the financial cost that you have to take into account when you’re forced to rehire – but the damage that it’ll have on the business as a whole. From efficiency, customer service, number of errors, a burden on staff and stress all around. Long story short – it’s usually not worth it.

  1. People are your greatest asset

With employer branding becoming ever more prevalent, long-serving employees are generally the best ambassadors – that is when they’re kept sweet, motivated and driven. What better way than to use an employee retention strategy to keep your staff focused with the eye on the prize, preventing fatigue, burnout and repetition in the workplace.

Every organization is built on people, it just makes sense to empower, motivate and engage with your most valuable asset, people. With a more motivated workforce, you’re likely to have better results, a happier work environment and better morale all around. It’s a win-win situation.

The Takeaway:

Employee retention really is the way forward when it comes to building a strong team and workforce that are driven in their work. Although there are of course exceptions, the majority of people respond well to employee retention schemes with on-site exercise facilities and time to travel and explore with loved ones coming out on top of the pile.

There’s a reason that people make the world go round – and it’s not because they’re doing the same mundane tasks all day every day with no recognition or benefits. It’s time to bite the bullet and fire in an employee retention scheme.

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