Employee Retention Strategies: Keep your best people from walking out the door
Successful organizations realize employee retention is integral to sustaining their leadership and growth in the marketplace. Those that fail to make employee retention a priority are at risk of losing their top talented people to the competition.
Teams with reduced employee turnover develop a deep familiarity with the goals and objectives of the organization. They often become personally invested in the success of the team and company. By focusing on the skills and practices that maximize hiring efficiency and minimize employee turnover, managers promote employee retention and build stronger teams.
It can cost between $3 – 7K to replace an hourly worker and up to $50K to replace a midlevel, salaried employee. Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover include lost customers, business, and damaged morale. In addition are the hard costs of time spent in advertising, screening, verifying credentials, references, interviewing, hiring, and training the new employee just to get back to where you started.
Chart Your Course International helps business attract and retain good people. We are located in Chapel Hill, North Carolina. Founder and President, Gregory P. Smith helps organizations with employee retention strategies, manager employee retention training programs and talent management initiatives.
Our employee retention training programs provide strategies and the processes on ways to turn an average organization into a highly productive, low employee turnover environment where managers can focus on productivity — not recruiting and replacing an endless stream of workers and staff members. More information.
Retaining Winning Talent Training Program
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Employee Retention Books and Resources
Visit our extensive library of employee retention books, tools, training programs and fact sheets addressing employee retention, employee turnover and job satisfaction. Employee Retention resources
Articles on Retention and Preventing Employee Turnover
Greg Smith provides keynotes, retention management training and consulting that accelerates performance and builds exceptional places to work that drives employee satisfaction and employee engagement. More information on Greg Smith