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Employee retention refers to reducing absenteeism, improving employee retention by keeping employees, and reducing turnover and attrition rates, otherwise known as employee retention strategies. Visit protiv today to learn more Benefits about employee retention strategies.
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EMPLOYEE RETENTION STRATEGIES Presentation by www.protiv.com
ABOUT EMPLOYEE RETENTION Employee retention has been a focus of HR for a long time, probably for as long as there has been HR. It's evident that retaining employees is good, but the full impact of retention is often not recognized. In light of the current climate, why is employee retention so critical? 2
SKILLS OF HIRING NEW TALENT Research conducted by the Society for Human Resource Management (SHRM) found that it takes an average of 42 days to replace an employee. Resulting in extra resources and time being spent to hire new talent as well as the added workload on the existing employees to compensate for the missing member of the team. 3
HIGH TURNOVER EXPENSES Furthermore, replacing an entry-level employee is estimated to cost 50% of their annual salary. This figure increases to as much as 250% when it comes to replacing a leader or highly skilled employee.Onboarding is the process of assisting new employees to settle into their jobs and working environment. This is the key area of expense for both existing and new employees. 4
LOSS OF KNOWLEDGE WITH LOSS OF PERSONNEL An enterprise could lose important information and skills if a senior employee is found to be leaving without having passed over their knowledge and skills accurately and completely. 5
HIGH TURNOVER TOUGHENS TEAMWORK Higher turnover means a frequent change in the existing team members. Resulting in valuable time being spent bonding with new members to reach the highest productiveness for all. Moreover, frequent change in team members lowers morale, further affecting their productivity as well as their period of retention. 6
COMPETITOR'S GAIN Furthermore, replacing an entry-level employee is estimated to cost 50% of their annual salary. This figure increases to as much as 250% when it comes to replacing a leader or highly skilled employee.Onboarding is the process of assisting new employees to settle into their jobs and working environment. This is the key area of expense for both existing and new employees. 7
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