Every business owner should say, “My employees are my most important asset.” So, it just makes sense that business owners should want to keep their best employees and keep them happy. But, let’s face it, employee retention takes effort. 

Two Types of Employee Turnover 

Not all employee turnover is bad. There is involuntary turnover when an employee is dismissed by his/her employer. In that case, a company should want the “bad apples” to depart before spoiling the rest of the barrel. The other type is voluntary turnover when an employee leaves on his/her own. Some changes can be expected due to changing family circumstances, health, and other reasons. But if a company is experiencing too high of a voluntary turnover rate, that can be a problem.  

What Are the Benefits of High Employee Retention  

First, employee turnover can be expensive, considering the costs of employee acquisition and training. So, high employee retention can represent considerable cost savings. In addition, retention can contribute to high company morale. It means keeping experienced employees with their skills, relationships, and institutional knowledge. It contributes to increased productivity and to a better customer experience. High employee retention makes recruitment and training more efficient. It contributes to a more stable and stronger corporate culture and to a better employee experience, and it leads to increased revenue. 

Strategies to Improve and Manage Employee Retention 

Use these strategies to improve and manage good employee retention: 

• Start strong with effective onboarding and orientation. 
• Create good mentorship programs to nourish every employee. 
• Provide smart compensation. 
• Offer meaningful perks. 
• Provide wellness offerings to keep employees fit mentally, physically, and financially. 
• Communicate clearly, openly, and often. 
• Offer meaningful and useful performance feedback. 
• Make training and development key to employee growth. 
• Enable good work/life balance including flexible working arrangements. 
• Provide a good recognition and rewards system. 

Seek Expert Financing Assistance 

Contact Masters Commercial Capital Group, based in West Hartford, CT. We offer a wide variety of financial solutions that help businesses master their business growth.