When it comes to business, you’re only as successful as the employees that help drive you to new heights. That’s why the issue of employee retention has become such a critical concern for companies attempting to gain an advantage in today’s competitive market. Retaining top talent is not just about maintaining a stable workforce, but rather, the ancillary benefits that many business owners fail to take into account.
Employee retention directly impacts a company’s bottom line and long-term success by harnessing the power of an effective workforce to drive the company to new heights. High turnover rates can be especially costly, especially when it comes to overall productivity. The question is, how can your company prioritize employee retention the right way? That’s what we’re here to answer today, so read along to learn more!
Employee Retention Saves Money
One of the best and most obvious reasons to prioritize employee retention as a company goal relates directly to cost savings. The simple process of having to replace an employee can be extremely expensive when one factors in such criteria as time, training, and onboarding costs which may exceed the equivalent of several months’ salary. High turnover rates can strain a company’s budget, making it less efficient and competitive amongst its peers, which is why every company should strive to retain their existing employees for as long as possible.
Granted, there is no way to keep employees for all time. Eventually, they will move on to new challenges, but your job as an employer should be to retain them for as long as possible in order to maximize the investment you’ve put into each one. Doing so will help you build your company’s foundation, while setting up a system by which your best employees can pass the torch to new recruits with little-to-no downtime.
Happy Employees Are Productive Employees
It’s basic human nature to recognize that employees who have been with a company for an extended period are more likely to be highly productive. After all, they haven’t stuck around for no reason at all.
Oftentimes, these employees have a deep and methodical understanding of the organization’s culture, processes and goals, which in turn translates into better daily job performance, as well as initiative to take on new challenges. This has a trickle-down effect by which happy long-term employees can share in the spirit of the company culture, and influence new recruits who will soon recognize the opportunities waiting for them.
No Substitute for Experience
Your new employee may have advanced education for days, but as the old saying goes, there’s simply no substitute for good old fashioned experience. These employees possess a wealth of knowledge and expertise gained both through great times, and hard knocks alike. The longer they stay with a company, the more invaluable they become as mentors and figureheads who can train and inspire new employees. That means the world when it comes to pushing the company forward, converting new leads, and expanding brand recognition.
A Culture of Winners
The more stable a company workforce, the greater it contributes to a positive overall work culture. Employees who feel both secure and happy in their job roles are far more likely to engage and commit not just to their existing work, but new opportunities, challenges and promotions, as they arise. This, in turn, enhances both morale and teamwork, leading to greater job satisfaction across the board. Your long-term employees will feel like they’re accomplishing a great deal, while your newer employees will have role models to aspire to.
How to Prioritize Employee Retention
As a company owner, you may be asking what the best ways are to prioritize employee retention as a central tenet of your business. Thankfully, this is easier than you think!
→ Offer competitive salaries and benefits packages.
→ Invest in the professional development of your employees by offering a series of comprehensive training and educational programs.
→ Promote a healthy work-life balance by offering flexible work arrangements, paid time off, and initiatives that promote employee well-being.
→ Employees who are properly informed about company goals, performance and changes in direction will feel like they are part of the overall direction of the business.
→ Employee recognition awards and trophies are great ways to make workers feel special, particularly if they have achieved personal milestones within the company. Plus, they’ll serve as a testament to these achievements for years to come, whether at the office, or at home.
A Small Award Can Equal Big Wins
Crystal Sensations understands the importance of recognizing employees for the hard work they put in, which is why we work so hard to provide the best awards and trophies to commemorate landmark events in the lives of individual employees. By celebrating individual and team achievements regularly, company owners will recognize outstanding performances and commitments to the welfare of the business, which not only boosts morale across the board, but also reinforces a culture of success and excellence.
Employees thrive on the praise of managers and owners, and while it may not seem very important in the grand scheme of day-to-day operations, it nevertheless has a profound effect on employees who feel valued. This, in turn, will influence their decision to stay with the company for many years to come.
Employee retention is far from just a human resources concern; neither it is just a numbers game. Rather, it’s a fundamentally important business strategy that directly impacts the immediate and future success of a company. By prioritizing employee retention, you can build a loyal and skilled workforce that drives long-term growth and profitability in ways you can’t currently fathom.
Do you have employees within your company who have excelled at their jobs, hit important milestones, or stuck with you through thick and thin? If so, Crystal Sensations has a huge assortment of awards and trophies that are designed specifically to commemorate their achievements, and make them feel special for years to come. Browse our selection, or give us a call if you need assistance, or require a completely custom award that best fits your vision for employee thanks and recognition!