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Nearly half of all workers may leave their jobs post-pandemic. How can businesses improve employee retention and hold on to talented employees? Reducing turnover has long been a top priority for all HR departments. Between recruiting and onboarding, replacing an employee can cost 50-60% of the employee’s yearly salary— not to mention all the lost expertise of the employee. That’s why employee retention is one of the key performance indicators for HR departments. By thoroughly investigating the retention rate and making important adjustments, HR departments can make a big difference to the business’s bottom line. This post, as part of our series on key HR metrics, will cover exactly what employee retention is, why it’s an important metric for HR managers to stay on top of, and some simple strategies for keeping employees engaged. We’ll help you design an employee retention plan. What is the Employee Retention Definition? How to Calculate the Retention Rate of Employees Create an Employee Retention Plan Start with an Employee Retention Survey 12 Employee Retention Strategies Start Off by Hiring Well Streamline the Onboarding Process Encourage Employees with Positive Feedback Create a Positive Work Culture Offer Training Opportunities Provide Competitive Compensation Give Employees the Perks