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Maximize Employee Retention
Keeping employee retention high is good for internal relations, staff morale, and overall productivity. Countless studies have placed the average cost of identifying and training an employee as high as 200% of their annual salary. Organizations experience a high return on investment with employee retention practices -- saving money and increasing their performance capacity. In today's business climate, it's simply good business to retain talent.
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What you can do to retain your outstanding employees:
- Foster an open work environment.
- Offer training and development opportunities.
- Empower your staff to make decision directly related to their area of responsibility.
- Keep your promises.
- Recognize and reward your employees.
- Develop a clear and direct line of communication.
- Encourage ideas and input from everyone on your staff.
- Involve your staff in decisions that affect them.
- Show your employees that you are interested in them as individuals.
Why employees say they stay:
- Career growth, personal development, and learning opportunities.
- Stimulating and challenging work.
- The feeling of fulfillment from their work, and that they are making meaningful contributions.
- Flexibility - in their working hours, in their dress code, and in their freedom to make individual decisions about how to get their job done.
- Enjoying the company of the people with whom they work.
- Mutual respect among team members.
- Having a supervisor whom they respect.
- The feeling that they work in a relaxed atmosphere where people can have fun while working.
- The ability to assume responsibility for their own work, giving them a sense of ownership and control.
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