Talent retention is one of the biggest issues facing the American workforce today. This refers to companies’ ability to retain its employees. Stronger and more stable companies know how to motivate and train their work force for the long term. Just a few easy steps and your talent retention rate can be as high as the top companies in your industry.
The benefits of employee retention extend beyond just not having to train their replacement. Turnover costs can have significant negative impact on company performance. Turnover cost can represent more than 12 percent of pre-tax income for the average company and nearly 40 percent for companies at the 75th percentile for turnover rate. Constant turnover can lower the morale of the remaining employees.
After figuring out the benefits of employee retention, look into an employee retention program. There are several programs including career development, executive coaching and motivating across generations. These programs can not only help young workers build trust, but maintain the experienced workers. You can also specifically gear retention program towards women.
There are several key staff retention strategies that can help you build a strong talent retention program. Employee surveys, exit interviews and employee retention consultants are three ways to enjoy strong talent retention. Employee surveys can help a company find out if their work force feels satisified and motiviated. Exit interviews can help organizations gain insight into the workplace experience. Consultants can provide expertise on how ot best identify the issues within an organization related to turnover.
Talent retention is often the key to survival for a lot of businesses. By keeping their top employees, a company can build the structure that will lead to long term growth. Take a few easy steps and you will have a strong and happy work force.