Why A Retention Strategy Is Essential For Your Company

Building a stronger, more skillful, and more productive workforce is a priority for every employer, regardless of the industry that they’re based in. Developing a strong recruitment strategy is a major part of that effort, and most organizations (understandably) commit huge amounts of time, energy, and resources to identifying and onboarding new talent. While recruitment is certainly a crucial component of any strategy aimed at building a stronger workforce, it is by no means the entire story. It is also critical for organizations to build and maintain a sophisticated retention strategy that is able to hold on to talented employees after they’ve been brought on board. 

It’s not uncommon, however, for organizations to deprioritize their retention strategy. In almost all cases, this can be a big mistake, because operating without a strong recruitment strategy makes it that much more likely that your employees will jump ship – which will lead to further recruitment efforts, creating a vicious cycle of spending money, hiring employees, and subsequently losing them. 

With that in mind, we’ve broken down the three big reasons why it’s crucial for your organization to prioritize its recruitment strategy: 

Decreases rates of employee turnover.

First of all (and most obviously), having a retention strategy in place will go a long way towards keeping your team in place. Without a retention strategy, your employees are much more likely to seek positions elsewhere and leave when a better opportunity comes along, which can throw your projects and your workplace into disarray. 

You will save (a lot) of money.

As an employer, you’re probably well aware that the process of onboarding and training new employees is not cheap. In fact, a recent study published by the Association for Talent Development found that the average cost of training a single new employee is around $1,252. By comparison, the cost of building and implementing a strong retention strategy is negligible.  

It will improve morale, productivity, and integrity in your workplace.

It’s beyond dispute that a high employee turnover rate can seriously negatively affect workplace culture. When you force your employees to constantly watch coworkers come and go, you’re implicitly communicating to them that there are some seriously flawed and unsatisfactory aspects of day-to-day life at your company. With that in mind, it’s worth investing in an effective retention strategy to maintain a happy, cohesive, and comfortable workplace culture. 

At the end of the day, a secure workforce is among the most critical components for the success of any company. Once you have a strong recruitment strategy in place, keeping your team comfortable in their roles and incentivized continue striving for advancement in your company is the next major step towards building an optimized company. 

To learn more about what you can do now to empower your team to be able to meet the challenges of tomorrow, contact us today 


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