What Is Employee Retention
Employee retention refers to both the percentage of employees who stay with your organization and the strategies used to keep them there. Compensation, job satisfaction, work culture and benefits all impact employee retention rates and can be utilized to strengthen your ability to keep top talent.
Employee Retention Statistics
Current studies reveal that an astonishing 34 - 51% of employees are looking to leave their job in the next 12 months. What’s more, the cost of losing an employee can be as much as 1.5x - 2x their annual salary. It is not surprising then that 46% of HR professionals cite employee retention as their most pressing challenge.
Why Employee Retention Is Important
Employee turnover is costly. There are the tangible expenses of finding, onboarding and training new workers. Additionally, the loss of knowledge, erosion of moral brought on by a colleague’s departure and the time it takes a new worker to reach full productivity all add to the importance of prioritizing employee retention.
How To Improve Employee Retention
Keep your top talent by learning what is most important to your workforce. For many employees work-life balance is second only to salary when deciding whether to stay at their current job. Comprehensive, clearly communicated benefits and the ability to flourish both inside and outside the office are essential for improving employee retention.
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