EMPLOYEE RETENTION
Employee Retention
The practice of keeping employees interested and motivated to stay with a firm is known as employee retention. It is important to corporate success since maintaining employees can save organizations money on recruiting, training, and onboarding new hires.
Benefits of employee retention
- Reduced costs as retaining employees is significantly less expensive than hiring and training new ones.
- Experienced employees are more productive and efficient than new hires.
- Improved customer service as engaged employees are more likely to put in more effort.
- Enhanced employer branding for employee retention can attract top talent.
Key factors that contribute to employee retention
- Competitive compensation and benefits packages
- Healthy work-life balance
- Opportunities to learn and grow in their careers.
- Recognition and appreciation for their hard work.
- A positive and supportive company culture