It is given that to retain brilliant employees among a workforce in today’s volatile market can be difficult. But the benefits of being able to keep exceptional employees from leaving are endless:
Here are just a few points to consider:
- The workforce is much more productive, they are more responsive, which ultimately increases profits.
- Employee morale remains high because retention strategies typically embrace tools like mentoring, recognition and creating a supportive and welcoming workplace.
- Organizations that achieve a higher retention rate allows them to spend less on hiring and training new employees. Low staff turnover.
- Studies such as the National Black MBA Association indicate that new immigrants are more likely to be more loyal than native born.
- Staff members that are comfortable with themselves, feel accepted and appreciated will actually go out of their way to accommodate management. However, once they have been disillusioned, they will never forget their experience and will eventually move on.
- Various studies have been conducted where people from diverse backgrounds in one setting with the right skills and abilities can produce higher quality solutions.
Retaining employees is not just good for staff morale, it is also good for business. Better employee retention provides a better company image in the eyes of a public – this entails that it is a lot more comfortable to recruit top-level talent. If no one ever leaves, it is an excellent sign for potential employees.
Better employee retention initiatives also provide more productive and happier employees. When people are happy to come to work, they just work better!