Most of their employees can now work remotely forever.
Employee retention matters
It’s no secret that retaining top talent is key to promoting organizational growth. Recruiting and retaining new employees is expensive and time consuming.
Employee retention is the number of employees that stay with their company in a given period of time. Typically, these employees only count as “retained” if they are happy, engaged, productive, and not looking for other work. Employee retention strategies help organizations prevent high turnover, usually through boosting employee engagement and providing competitive benefits.
In short, the longer that people work for you, the higher your retention rate. The more often you find yourself hiring and firing for the same role, the lower your retention rate.
Here are three reasons why understanding your employee retention rate is important:
Your team is better and more productive
Companies that can retain their employees benefit from people that not only know their role, but can work well as a team. These people often grow to be influential leaders within the organization. They not only can fulfill their rules well, but they’re able to train others.
Improves company culture
It’s very uncomfortable to work in an environment where you feel like you could be fired at any moment. And hiring new faces can be exciting, but it can also make you feel like you don’t actually know anybody. High retention boosts camaraderie. It’s good for employee morale and improves productivity. Less hours are spent processing incoming and outgoing employees.
Acquiring new employees can be costly. And even once they’re in the door, each employee represents a significant investment of time and training. When those employees are happy with their jobs, companies are awarded with higher commitment, skill, and morale. High turnover means that employers lose the benefit of both employee skill and on-the-job experience.
how to retain your employees?
To make sure that the employees stay in the company, it is important to have everything in order. Even when we hire employees from different parts of the world. Did you know that you can legally hire employees worldwide? If you are interested in knowing more: contact us
Despite offices opening back up, many companies continue their remote recruitment efforts. Learn more about the three major benefits of looking for fresh talent globally.
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