Employee Retention and Attrition
Employee retention and attrition are significant challenges organizations face. Keeping talent boosts productivity, promotes greater engagement and ultimately drives revenue. Conversely, when employees leave, it impacts morale, increases stress and slows output. In addition, high turnover translates to significant expense — it costs businesses an estimated 33% of an employee’s annual salary to replace them. ContractRecruiter will help you focus on retention and attrition strategies to support your employees and business interests.
Understanding Employee Retention and Attrition
The industry is experiencing a talent crunch. Organizations are frantically focusing on recruiting new talent to meet demands, leaving existing employees feeling neglected and looking for new roles and opportunities.
The most effective way to retain employees is through promoting employee engagement to garner loyalty and reduce resignations. A high turnover rate lowers morale and causes more talent to leave. To manage attrition rates, you must focus on improving employee experience and workplace culture, which will have the dual benefit of building a reputation and work environment that attracts top talent.
Strategies for Improving Employee Turnover
Improving employee turnover will propel your business forward and enhance the employee experience. Ways to engage employees include:
- Provide regular feedback
- Promote work-life balance and well-being
- Establish opportunities for skills development
- Recognize and reward employee contributions
- Focus on creating a positive work environment
Key Employee Attrition and Retention Trends
Trends and focus points for HR executives include:
- Establishing consistent communication: Listening to employees and creating authentic and transparent communication is vital.
- Providing clear advancement opportunities: Statistics report that 22% of employees are willing to quit over a lack of advancement opportunities. Establishing an actionable path for employees to grow is essential.
- Creating a compelling culture: A clear and positive workplace culture is valuable for retaining and attracting top talent.
Contact ContractRecruiter to Cultivate Employee Loyalty
ContractRecruiter helps organizations cultivate employee loyalty through highly effective recruiting and onboarding solutions. Our expert U.S.-based team offers strategies to keep your workforce engaged, without locking you into long-term commitments.
Contact us to learn about our flexible, cost-effective and measurable solutions.
