Retaining your employees may bring many benefits, ranging from cost-savings to a competitive advantage in your industry. We’ve explored some of the benefits and actions your business can take.
Retaining your employees may bring many benefits, ranging from cost savings to a competitive advantage in your industry. In this insight, we’ve explored some of the benefits companies with high retention may experience, as well as some actions that may help retain your most valuable staff members.
High employee retention may bring many benefits to a business and its staff. How you benefit will depend on the unique characteristics of your business and the employees within, but as an example, we’ve listed some of the benefits below:
Employee retention may have a direct impact on the productivity and efficiency of your employees. Staying in an organisation for an extended period of time may allow staff members to become more familiar with the culture, processes, clients, systems, their role and more.
This may help them to develop a deep understanding of their responsibilities and how to perform their tasks, which leads to efficiencies in their day-to-day job. You also won’t have to commit resources and time to train them in the same way you might a new employee stepping into a new role.
High employee turnover can be costly for companies for many different reasons, such as:
Long standing employees may possess knowledge and expertise that they’ve accumulated throughout their time of working for you. When this employee leaves, their knowledge may be lost.
Retaining your employees and utilising them to share their knowledge and train other staff members may help to create a workforce where multiple individuals are able to meet the company's needs, offering some protection in the event that you do lose a member of staff.
If your employees are in direct contact with your customers and clients, they’ll naturally develop relationships with them over a period of time. This may lead to improved customer satisfaction, customer loyalty, and the ability to provide a better service as a business.
If you lose any employees that hold these relationships, it may be difficult to replicate the relationship with any new staff members, or it may take a long time before a similar relationship is formed.
Retaining your employees may foster a sense of team cohesion and collaboration. When team members have worked together for an extended period, they may be more likely to develop effective ways of communicating, working together, and developing personal bonds.
High staff retention may help to maintain the processes and workflows used to deliver your products and services. Retaining your employees helps maintain the consistency and standards of your operations, which in turn may affect many outcomes, such as customer satisfaction and quality of output.
Employee retention may contribute to how your company is viewed by its employees and individuals looking to join your business. Unhappy employees are more likely to leave, but by retaining your workforce, you’re demonstrating that your company has created an environment where employees want to remain. Your employees may also become advocates for your business, using their experience to help attract new, talented employees to your business.
The benefits of staff retention all represent positive, intangible advantages that may be difficult for your competitors to replicate. To help achieve these benefits, we recommend that your company takes direct action to improve employee retention. We’ve listed some examples of what may work for you below:
We understand the benefits employee retention can bring and its impact on businesses in the short and long term. We have knowledge on various types of insurances and policies that aim to improve your employees' physical, mental and financial health and staff retention rates.
We can help you understand your options when it comes to business policies and how each option would work with your unique setup. We’ll work closely with you to understand your needs before presenting you with the options that make the most sense for your company.
This is a free service, and you’re not obligated to purchase. Whether you’d like to purchase policies or you’re just researching your options, please complete the form below, and we’d be happy to help.
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