Your employees are your most valuable asset. What is your strategy to keep them?
You evaluate your organization’s strategic plans on a regular basis. You keep a constant watch on your finances. But when it comes to your employees, what are you doing to ensure you’re protecting your most valuable asset? Research shows that less than half of companies have an employee retention strategy in place - and that one in four workers said they planned to change jobs in the current or following year.
Losing top-performers doesn’t just disrupt productivity and reduce morale - it helps your competitors, and it hurts your bottom line.
The average cost to replace an employee is approximately 1.5 times the lost employee’s annual salary. You’ll spend more on the loss of productivity, recruiting fees, hiring process, onboarding and training of a new employee, and loss of productivity from training managers, than you would spend retaining your current top-performing employee. Keeping great workers engaged will greatly reduce the financial burden of employee turnover.
There is a critical relationship between employee engagement, employee productivity and employee retention.
The degree and overall direction of each are largely determined by one another. In order to measure and evaluate your organization’s strategies for retention, Work Institute asks specific questions of your high-performing employees, onboarding and exiting employees. Our interviews zero-in on your existing employee retention strategies to give you insight into what strategies are working, which need improvement - and WHY.
Work Institute research studies will allow your company to better understand how to engage and support their employees as individuals - and reap the benefits of high-producing employees.
WORK INSTITUTE CAN HELP
We would love the opportunity to earn your business. Call us now to schedule your free consultation to discuss your specific employee retention challenges.