Employee retention is defined as an organization’s ability to prevent employee turnover, or the number of people who leave their job in a certain period, either voluntarily or involuntarily. Increasing employee retention has a direct impact on business performance and success.
Organizations need to keep their best employees around to thrive. This is the goal of employee retention. Employee retention refers to the strategies an organization develops to mitigate employee turnover risks and the processes it puts in place to retain its critical talent. Employee retention is a leading challenge for organizations and HR departments today.
Individuals leave their jobs for many different reasons. Some are voluntary, such as taking another job, while others are involuntary, such as getting laid off. Employee retention strategies primarily focus on voluntary turnover that is detrimental to the organization, as opposed to the loss of a poor performer. It also focuses on turnover that is avoidable, such as an employee leaving their job because they’re moving out-of-state.
By focusing on employee retention, companies reduce recruiting costs and enjoy greater returns on employee training. Recruiting costs include fees paid to recruiters or to advertise the position, interview-related travel and possible signing bonuses.
Employee turnover sets back productivity because it takes time for a new worker to get up to speed and produce at a comparable level as their predecessor. It also takes a toll on remaining staff, who have to take on additional work and may produce lower-quality output as a result.
It stands to reason that the longer employees remain at an organization, the more engaged, knowledgeable and skillful they are. They have also forged valuable relationships with customers and co-workers. When an employee departs, the company incurs an opportunity cost in the potential value the employee could have delivered.
Corporate culture develops over time, based on employees’ cumulative traits and interactions. When engaged employees who are aligned with an organization’s culture stay, they strengthen the organizational ethos. A strong corporate culture also improves productivity and performance.
Employee retention is defined as an organization’s ability to hold on to its employees. It refers to the strategies an organization develops to mitigate employee turnover risks and the processes it puts in place to increase retention of top talent.
This template will be useful for HR managers. You can use the slides in this template when preparing your HR strategy. For example, you can present your plan for retaining employees in the company. Company executives can use this template when preparing a company development strategy. For example, you can present employee motivation as one of the measures to reduce recruitment costs.
Employee Retention is a professional and modern template that contains six stylish and fully editable slides. You can change the type and size of the font, color and position of the infographic yourself. This template will be useful for HR managers, company executives, startups. Employee Retention template will complement your old presentations and will be a worthy addition to your collection of professional presentations.