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What is Employee Retention and Why is it Vital to the Success of a Business?

A staff filled with talented and motivated employees is the foundation of any prosperous business. But simply laying that foundation, then forgetting about it as you move on to other concerns, can actually keep your business from thriving. In fact, it can eventually lead to failure.

To keep your foundation solid and enable your business to grow, you need good employee retention. At The Protocall Group, one of the leading recruitment agencies in the Philadelphia area, we believe employee retention is among the most crucial building blocks of a successful business. 

Employee retention means holding on to your employees. It means keeping staff turnover rates low. It means abandoning the notion that “everyone is replaceable” and recognizing how constantly having to replace employees hurts your bottom line — not to mention your company culture — and negatively impacts your future.

The following slideshow video illustrates the value of employee retention in greater detail. Give it a watch, then keep reading as we delve deeper into this important subject.

What Factors Lead to High Turnover?

According to data compiled by the US Bureau of Labor Statistics, approximately 3 million American workers quit their jobs every month. Do the math, and that’s a projected 36 million people every year who voluntarily leave a position, creating an unexpected void in a company’s workforce.

We’ve already established that high turnover is the enemy of success. As an employer, you can’t hold yourself completely responsible for every employee’s level of satisfaction with or commitment to their job. However, it’s important to know what you can control and to be proactive about minimizing turnover. 

First, you need to understand why it happens. Some of the most common causes of high turnover rates include:

  • Insufficient pay
  • Too much work/Burnout
  • Unfavorable schedule
  • Few growth opportunities
  • Lack of encouragement or feedback

Naturally, the next step in improving employee retention is to come up with a plan for how to address all of the above issues.

How Can a Business Hold on to Top Talent?

To avoid high turnover and create a thriving workplace culture that inspires loyalty and productivity, a business should develop an employee retention strategy. This is a plan for managing employees that goes beyond basic work performance and focuses on the overall work experience for each individual. 

In this infographic, we’ve highlighted a few elements of an effective employee retention strategy.

While a retention strategy is a general blueprint, it should not be applied with a one-size-fits-all mentality. The goal is to treat each person as a person while still holding employees to certain expectations. Making staff members feel empowered and valued will naturally inspire them to promote the company’s mission and contribute to the company culture in a positive way.

As one of the premier healthcare staffing companies in New Jersey for more than half a century, The Protocall Group helps companies retain top talent by providing them with the most qualified and motivated job candidates to fill their open positions. Whether you’re looking to hire workers on a temporary or long-term basis, you can count on us to help you find the perfect fit. For more information, contact The Protocall Group today!

2020-03-10T19:27:36+00:00 March 10th, 2020|Employers, Job Seekers|