Retaining a positive, motivated, and dedicated workforce is essential for the success of any business. A high employee turnover rate directly leads to a decline in company morale as well as an increase in overall business and hiring costs. The best method to ensure you’re retaining top quality employees is to implement a strong employee retention strategy now. Some of the key benefits of building a retention strategy include:
- Managing employee turnover. Having a retention program in place allows you to more easily focus on the relationship between your management and their teams. This in turn gives you the ability to manage employee turnover and attract the best job candidates to your company.
- Cost efficiency. Strong employee retention programs have a direct effect on the company’s bottom line. High turnover can be extremely expensive for a business; therefore, strategies geared towards retaining quality employees help offset direct hiring costs in addition to indirect costs such as decreased productivity or lost clients.
- Morale boost. Employees that enjoy what they do and where they work are much more likely to remain employed at their current company. Retention strategies that target employee engagement create a positive work environment and strengthen employees’ commitment to the company by giving them a sense of pride in their work.
- Increased productivity. Recruiting and training new employees is time consuming, and leaving positions unfilled means work is not getting done. Keeping current employees fulfilled in their jobs ensures productivity is not interrupted and prevents the unavoidable learning curve or bringing new employees on board unexpectedly.
- Enhanced recruitment. Effective retention strategies should begin during the employee recruitment process. Employees are much more inclined to stick with a company that keeps promises made when their job offer was extended; this is why it is so critical to provide an accurate portrayal of company culture, growth opportunities, and expectations right from the get go.
Focusing on employee retention efforts begin at the core of the company’s leadership and the culture it creates. As Maine’s leading staffing firm, Springborn Staffing is dedicated to helping top Portland area businesses achieve strong employee retention strategies through proven resources, coaching, and partnerships. To begin building a strong retention strategy in your company, contact Portland’s top staffing firm at Springborn Staffing today!