blog
By Talentiro | 12 Mar 2020

Why employee retention is important & how to retain them?

Employee retention has become a critical issue in 2020 as companies compete for talent in a tight economy. Keeping track of employee retention is important because disengaged employees and turnover costs are wildly expensive. The payoff for organizations that focus on this issue is well worth the time and investment as it results in Increased performance, better productivity, higher employee morale and improved quality of work, not to mention a reduction in turnover, are all organizational benefits.

The bottom line is that by focusing on employee retention, organizations will retain talented and motivated employees who truly want to be a part of the company and who are focused on contributing to the organization's overall success.

But the big question here is, how to retain more employees. What motivates people to engage, care, and want to stick around and stay a part of the team? 

Majority of the researchers have found that salary is a big issue for leaving the job for most of the employees, to which companies increase the pay scale in order to retain the employee. However, seeing this as the only option is a knee-jerk reaction that can cost your business more than it can afford. Salary and benefits are important and should be considered—especially if you are paying below industry standards—but there are other methods to retain employees than costly raises and benefits. Let us find them out.

blog

Healthy Culture

Performance evaluations should not be just at the time of appraisals but, for the growth of an employee. Feedbacks assist a lot in employee retention. Every employee wants to grow. And, if you help him for it, he will love you and never leave you. 

Timely performance reviews are important which should be followed with a corrective action like a suitable training or some course. Taking review from employees about the organisation through a third-party independent system and making the culture accordingly.

blog

The payoff for organizations that focus on this issue is well worth the time and investment as it results in Increased performance, better productivity, higher employee morale and improved quality of work, not to mention a reduction in turnover, are all organizational benefits. The bottom line is that by focusing on employee retention, organizations will retain talented and motivated employees who truly want to be a part of the company and who are focused on contributing to the organization's overall success.