Once you hire a new employee, your work isn’t done. Your focus should shift to retaining them. Effective employee retention strategies do more than just help you keep core staff. They impact every aspect of your business, from your other staff members to customers, profit margins, and so much more. Here are just a few key reasons why caring about staff retention is so important:
High Turnover Costs Money
When you have positions that are a revolving door or turnover is getting higher, then it will cost you. Not only will you need to invest resources into finding and hiring a new staff member to fill the role, but also delegating tasks to other employees until you do. This can lead to added burnout and stress among your team, further fueling turnover.
A Lack of Retention Impacts Morale
When an employee quits or resigns, it does more than just leave an empty seat. It impacts the whole team on an emotional level, negatively affecting morale in the process. If you have a series of resignations, it can also contribute to higher turnover as employees start to doubt the competency of managers and leaders.
Strong Retention Adds Value
On the flip side, when you have employees who have been with you for years, there’s a level of knowledge and experience that you simply can’t put a price on. They know the customers who need a little extra hand-holding, how to deal with a software application that doesn’t always work right, and are the go-to person when it comes to questions from new team members. This is invaluable and can significantly impact your bottom line.
Retention Gives You a Leg Up
Every business and industry has a lot of competition. But your company is only as reliable as your people. And if you have high turnover, it’s going to weaken your competitive edge. On the other hand, if you have a solid team of employees who are qualified and experienced, then you’ll be able to produce a better product and give customers a more positive experience. This will all go a long way in helping you beat the competition.
Get Expert Help Finding & Retaining Top Talent
If you need help sourcing talent that will stick with you for years to come, turn to Future Force. As one of the leading staffing agencies in Orlando, FL, we have a strong network of pre-qualified candidates ready to get to work. We can help you hire faster and retain top talent and your competitive edge. Contact us today to learn more.