How to Improve Employee Retention in a Competitive Industry.

Today’s job market is fast-paced and competitive—to a cut-throat level, I dare to say. Thus, businesses try hard to keep the best talent inside their organisations.

Why is this crucial? Because a high turnover disrupts operations, as it takes many hours for new staff to learn the ropes. In fact, the financial burden is staggering.

The Centre for American Progress reports that the cost of replacing a mid-range employee (earning $30,000-$50,000 annually) is equivalent to 21% of a yearly salary. For high-level or more specialised roles, that figure may climb to over 200%.

These costs include the direct expenses of recruitment and training, along with indirect losses, such as decreased morale and productivity.

On the causes for leaving a company, LinkedIn Global Talent Trends found that 60% of employees blame career development, regardless of the organisation’s size, while 45% factor in compensation.

Meanwhile, the Society for Human Resource Management’s 2021 Employee Turnover Survey discovered that annual turnover rates across various industries hover around 20%.

Therefore, to avoid falling behind, companies adopt creative strategies to boost workforce satisfaction, which translates into high engagement.

With this in mind, we’ve created this episode to help our listeners explore practical methods for improving employee retention and ensuring their company’s smooth operation.

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