No doubt, you’ve heard of employee retention. But do you understand what it is and why it matters?
Even in a climate of high unemployment and uncertainty, many businesses are still struggling to retain their employees. In some cases, the issue comes down to managers and business owners underestimating the value of high employee retention.
A high employee retention rate means that your current employees are sticking around and you aren’t facing constant employee turnover. What’s more, there are a lot of benefits to employee retention.
What are some of the top employee retention benefits? Read on to find out.
1. Less Training
When you increase your employee retention rates, you can focus on sharpening the new skills your employees need to improve and advance. When you’re constantly hiring new employees, you’re stuck at square one. It’s hard to keep things moving forward when you’re always training new employees.
2. More Savings
Hiring new employees actually costs a lot of money. From the cost of background checks to onboarding materials, you’ll find yourself shelling out a lot of dough each time you hire someone new. Plus, all of that training we mentioned earlier takes time–including the time of your experienced employees who have to supervise the training sessions.
3. Better Sales
When we think about a high employee turnover rate, we think about the new hires walking through the door. However, it’s important to remember that a lot of times, a high employee turnover rate also means that your business is likely understaffed. Employee retention keeps your business well-staffed, which leads to better hours, better customer service, and better sales.
4. Improved Customer Experience
Let’s talk a little bit more about that improved customer experience. When you have a high employee retention rate, it means that you have a group of employees who care deeply about their job and know how to do it well. That translates to how they treat and help customers–and the better the customer experience, the more repeat customers you’re going to ho have.
5. Tax Benefits
One of the latest benefits of high employee retention is the tax credit that comes with it. That’s right, when you can verify that you are keeping your employees on the books, you can save money on business taxes this year.
Want to know more about how this works? Visit Erctoday.com. Find out how you can qualify and how much you can save.
Don’t Miss Out on These Employee Retention Benefits
If you’re a manager or business owner, it’s highly likely that you’re familiar with the concept of employee retention. The question is, did you know about all of these employee retention benefits? Start an employee retention program today and reap the rewards as the year progresses.
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