A recent study by Oxford Economics revealed that it can cost as much as £30,614 to replace just one employee. Alongside the costly factors (and, boy, can it get costly) there are plenty of reasons why improving retention should be at the top of your company’s to do list. From increasing company morale to maintaining high productivity and enhancing your recruitment strategy, talent retention does the world of good for your business.
Here are our top tips to increasing talent retention in your company:
Start Right, Hire Right
Re-evaluating your recruitment and on boarding processes is a great place to start when you’re struggling with retention. From offering better employee benefits, attracting the right talent, to improving your induction and on boarding process to make the best first impression – there’s plenty of important areas in the first few months that prove crucial to retaining new employees.
Encourage Better Leadership
75% of employees who voluntarily leave their jobs leave because of poor management. Engaged (and therefore engaging) leaders will actively increase engagement in their staff – causing a drop in employee turnover.
Set Clear Goals
There’s nothing worse for an employee than feeling like they have no purpose. Agree goals and targets and challenge your employees. Talented people like to be challenged, otherwise they get bored.
Recognise Hard Work & Provide Honest Feedback
Feeling underappreciated is a solid reason for talented employees to leave your company. Put in place a reward and recognition programme that will celebrate your high achievers and show you appreciate the efforts they put into their work.
To find out how the Employee Engage App can help you retain your best talent get in touch!