It is often said that it's better to retain a quality employee than to try to find a new employee. Makes sense, right? But why? Well, there are several reasons why this is true.
First, from a purely business perspective, it's costly to find and onboard a new hire. Think about the amount of time, resources and money needed each time you secure a new team member. According to a Society for Human Resource Management (SHRM) report, the direct costs for replacing an employee can be up to 50 to 60 percent of their annual salary and the total cost of turnover can range from 90 percent up to 200 percent of their annual salary. Whoa...just think about that for a moment.
Now that you've let those facts settle in for a minute, let's talk about how you can invest in your team and, in turn, invest in your business. Here are three tips for small businesses –
We'd love to hear from you! What is your company doing to increase morale and employee retention? If this is something you're struggling with, reach out to us today to see how we can help you!