Talent Retention

People are an organization’s most important asset. Between recruiting, onboarding, and training, replacing an employee can cost up to three times the employee’s annual salary. And there are soft costs, including lowered productivity, decreased engagement, training costs and cultural impact.

Employees today have more choices about where and how to work. Employers need to be sure they are an “employer of choice.” Workplaces with high morale, worker appreciation, and attractive compensation packages help entice and keep the best talent. Effective talent retention strategies create a workplace culture where employees want to stay by:

• Offering appropriate compensation for the position and market

• Providing continuous feedback on performance to reassure employees they are moving in the right direction or offering helpful insights into how they can improve

• Providing onboarding and orientation approaches to set employees up for success

• Offering perks like catered lunches, flexible or remote work arrangements, and parental leave

• Encouraging health and wellbeing with stress management programs, reimbursement for fitness memberships and retirement planning services

• Welcoming open communication for everything from new ideas and desires for professional growth to any issues that arise

Think Peoplely can help you develop and implement comprehensive talent retention strategy that result in higher staff morale, increased job satisfaction and performance, greater accountability and retention of your human capital.