No matter what business you’re in, an employee retention strategy is not only beneficial, but necessary. By creating business policies and practices that create employee satisfaction, you create employee loyalty, and the power of employee loyalty is not to be underestimated.
Herein lies Randgo’s core competencies: customised solutions for attraction, retention and engagement. By partnering with Randgo to create an employee retention programme, companies implement strategies that reward and support their staff, ultimately incentivising engagement, the right behaviours and commitment.
A key focus of Randgo’s employee retention strategy is employee rewards. Such as meaningful ways to save employees time and money, keep employees healthy and happy, customised reward packages and tailored solutions that make life easier. These range from savings from leading brands, coupons for everyday essentials, access to a concierge team who can make life easier and so much more. In essence, employee rewards that make life better for employees for the purpose of retention.
So why should you put so much effort into retaining employees when, at the end of the day, you could simply recruit a replacement? Simply put, it’s far more beneficial for your business to retain employees than constantly recruit new ones. The cost to recruit new employees far exceeds the cost to implement and run a meaningful employee rewards and retention programme. In fact, across industries, staff retention has proved to be a key part of driving a business’s success. Here are some reasons why employee retention is important:
Increased employee engagement
When employee retention programmes focus on employee satisfaction and workplace wellbeing, staff become more engaged and motivated at work. Engaged employees tend to work harder and perform better.
Employees who display high levels of engagement at work lead to increased productivity from the employee and increased revenue (or decreases in costs) for the business. When staff is engaged and enthusiastic about their work, they’re more likely to go the extra mile for your business and customers, enhancing customer satisfaction, and encouraging repeat business.
There is a stronger sense of community and belonging in teams that have worked together longer. On the other hand, consistent staff changes can be discouraging for employees, and this can negatively affect team dynamics. If staff is required to pick up extra work until vacant positions are filled, they may also feel underworked and undervalued.
Reduced recruitment hassle
The process of finding a replacement for a resigned employee involves advertising, researching, and conducting interviews. It doesn’t end with filling the vacant role either. New employees need to be trained to do their roles as well as acquire knowledge about the business. This doesn’t even take in to account the costs, which can really impact the bottom line. The time your staff spends on recruitment and training can leave less time for their key responsibilities, which can distract from your business’s true mission.
Reduced turnover rate
The higher your business’s turnover rate, the more you will have to recruit new employees, which is not only a timely process but an expensive one. Resigned employees often require severance packages, for which your business will get no productivity in return. Newly recruited employees also may not be able to perform as well as experienced employees, which could impacts all areas of the business.
Whilst churn is a business norm, a high staff turnover rate should always be avoided. Ensure your business focuses on retaining talent through employee satisfaction.
Satisfied employees become retained employees and retained employees contribute positively to your morale, production, operational efficiency and revenue.