Overlooking employee retention comes at a cost.
The job market and pool of employees to choose from are a mess right now.
Hiring the right employees is important, but employee retention is right there with it.
The money you have put into training an employee who leaves is now a sunk cost and you
must start over with a new person. It cost 2 to 3 times more to train a new employee than
it does to retain one.
It’s not all about the money.
Most employers think it’s about money and benefits, and at times it can be. In today’s job market
someone is always going to outspend you. But simple things like bonuses, tickets to concerts, gift cards and just telling them how valuable they are and how much you appreciate them can go a long way.
Most people do not leave jobs, they leave bosses.
Let that sink in a little. Figure out what makes your people happy and do it. And do it consistently. Every generation has different motivators. It’s your job as the boss to figure out what motivates them. Some of the most successful companies out there have developed a culture of not making money but making a difference. Money and benefits only go so far with today’s generation of employees. Maybe it’s time to look at your company’s culture and look for some small shifts that can help strengthen your culture.
For more info here is a short 5-minute article from Tactical Retailer that might give you some additional insight into employee retention.