What is Employee Retention?
Essentially, it refers to the actions and practices undertaken by a business that improve or maintain a positive working environment which, in turn, incentivises employees to remain at the company. These measures undertaken by companies to improve employee retention levels often fall into one of following categories:
Why is Employee Retention Important?
Some studies have estimated that replacing an employee can cost as much as 6-9 months of the position’s annual salary in terms of training costs, loss of productivity, and other expenses. So, naturally, poor employee retention often hits small and medium-sized businesses the hardest. Indeed, as we discussed in a Blog Post on Improving Employee Retention Rate, they also impact engagement. Employee engagement is essential for smaller companies as it most likely effects customer satisfaction, productivity or sales levels, and future planning capabilities.
Therefore, the key benefits of high employee retention rates for these businesses usually include:
- Reduced operational costs (Talent attraction, recruitment, induction and training costs are reduced)
- Improved company morale, Employee Engagement, and better staff-manager relations
- Increased overall productivity, which helps to achieve higher profitability and growth potential
- A better customer and applicant experience
How does Hive360 help?
HIVE360’s solutions are designed to offer your business support and incentives for all staff and potential recruits. This includes our unique and dynamic employee benefits which are delivered through our Engage App, that includes an array of vital health support that also focusessess on Employee Wellbeing to help strengthen your workplace environment. In short, a varied set of perks helps greatly when improving employee retention, so that is exactly what we offer.
To find out more about how HIVE360 can benefit your business and its ability to retain employees, then please get in touch using the contact form at the bottom of the page or call us on 0121 661 4851