One of the most interesting effects of the economic recession and poor job market was that employers had almost unprecedented access to a qualified workforce hungry to make enough money to pay their bills. Business owners enjoyed a sense of security, aware that if micromanagement, poor pay or a negative workplace drove their employees away, that there was a stack of resumes from eager applicants ready to take their place.
But now the recession has ended. The job market is bouncing back. And smart employers are discovering that retaining their current employees won’t just save them from an HR headache. In fact, good employee retention rates are essential for helping a business to succeed in 2015.
Why Employee Retention Matters
Employees build relationships. Whether you realize it or not, the face-to-face interaction that you employees have with your clients has a massive impact on whether your business will succeed. If your customers have come to expect the personal touch that a particular employee gave them every time they interacted with your business, their disappointment when they learn that the employee is gone could reflect negatively on your company’s overall image.
Replacing employees is costly. Some studies suggest that the cost of recruiting and training a new employee is around 6-9 months of that position’s salary. Other studies suggest that the figure is even higher. This should be even more eye-opening for small businesses who often operate on tight financial margins.
High turnover hurts the employees who stay. When your business loses employees to turnover, the impact of that loss is felt in the rest of your workforce. Employees who see excessive turnover are less productive and do not engage as readily as employees in a more stable workplace.
Building Your Business
Retaining your key employees will be key to the success of your business in 2015. Strategic online marketing is another essential key to your success. That’s where we come in. To learn how Turn the Page can partner with you to achieve your online marketing goals, call (816) 527-8371 to talk to one of our online marketing experts today.