One of the main aspects that will help you determine whether your business is in the right is by estimating the employee turnover percentage.
If it’s low, well, you have won over the employees and are building a happy workplace that motivates the employees to thrive. But if the employee turnover is high, there are some major red flags you need to address to ensure your top talents stay with you for a long time.
But what are the benefits of keeping your well-trusted and loyal employees around for a long time? Here’s your answer:
1. Cuts Down A Lot Of Unnecessary Costs
It’s not easy to find talent. Sure there are graduates, but finding the right talent is a different story. A lot goes into searching, recruiting, and hiring the talent profile that your company needs. It requires a lot of person-hours and some serious funds.
If you were to retain your employees, the cost would be much less than what it takes to hire a replacement. If your employee turnover percentage is quite high, you are putting a lot of your time and money into finding the right person for the job, only for them to quit within months.
2. Never Lose The Experienced Ones
The experienced employees know your company’s work culture and are proficient in the role assigned to them. However, it takes time for the new hires to get comfortable with the employees and clients.
When the top performer leaves, it’s a significant hole that will be difficult to fill. The new hires would be hesitant about the ways of working in a new environment and would take time to know how the company works. This time too is costing you money.
3. Doesn’t Impact Productivity
Workplace friendships and relations are a thing. Once employees get attached to their co-workers and find themselves a happy place in the company, they feel they belong there. This feeling is suddenly lost when one from their close circle or, worst, from the same team they work in is lost. This can seriously affect productivity. There is a limit to which you can ask the employee to stay on notice period. But once it’s over, even after finding a new replacement, the team’s productivity will suffer a bit as they would need time to adjust to the new person and learn to fit in their skillset in a way that best works for the project.
4. Provides Better Customer/Client Experience
Experienced employees or those who have been around the company for a while know what the client expects of the company. Thus, they have a benchmark to work with.
This isn’t the case with the new hires. Even if you thoroughly explain the standards to be maintained, it would take them time to reach the level or serve the clients the way your previous employee did. So to provide a consistent experience to your customers, it’s better to keep the experienced employees around for as long as you can.
Final Thoughts
Employee retention won’t be a big issue if you are keen on developing your employees and providing them room to grow as the company grows. This shows the employees they are being valued in the workplace. Such a sense of belonging motivates the employees to bring out their best and, therefore, serve your customers and, thereby, your company the best.
About the Author
BCjobs.ca is Western Canada’s largest job board, with the majority of the jobs coming from Vancouver. For nearly 20 years, BC Jobs has connected job candidates with companies looking to add talent to their teams. Here at BCJobs, we understand that looking for a job is difficult. To support our candidates, we recently launched a podcast to help you stand out during your job application. Listen to weekly episodes on our podcast to hear what recruiters are thinking and what companies look for when considering their next hire.
