Employees of Best-in-Class companies are 2.5 times more likely to commit to their employers because they are challenged and intrigued by their work, compared to having a competitive salary.
A best practice for ongoing success revolves around retaining hard-won talent.
Just as it’s significantly easier and more cost effective to retain current customers instead of finding new ones, the cost-benefit analysis of retaining employees versus finding new ones is staggering. Furthermore, the Society for Human Resource Management (SHRM) estimates that it can cost up to five times an employee’s annual salary to replace a bad hire.
Sure, retaining employees is obviously not the same as retaining customers. But a big part of employee retention, like customer retention, is about being supportive, friendly and caring. That can take a variety of forms, from offering great benefits, to providing opportunities for internal and professional development. Smart companies are the ones that do just that.
Increase Training
Best-in-Class companies are 22% more likely than other companies to increase company training for critical skill areas. By increasing training, employees can build on their current skills and abilities, become better contributors, and grow in the process. Such a tactic is especially helpful for organizations that hire contingent or temporary workers that only have a…
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