Most companies know that it costs far more to recruit a new staff member than it does to keep an existing one happy. With the cost of advertising and the time taken for sorting CVs, interviewing, making a final decision and onboarding new talent, it’s far better if you can retain the staff you have and make sure your company is a place people want to stay:
- In a company with good staff retention, morale is high. Staff feel good about their jobs, they feel valued, and they feel listened to by management. That’s not only good for staff, but it’s good for the whole company. You’ll likely have highly motivated staff who put in a lot of effort with their jobs and care about the company.
- You’ll have a stable workforce with low turnover and have a better chance of attracting high quality candidates who can really make a difference to your reputation and your bottom line.
- If you’re constantly having to replace staff and train new team members, you’re losing time, spending a lot of money on training and reducing the efficiency of your company. And any new employees have a steep learning curve that can take months to match the staff members you’ve lost. Not to mention, any unfilled positions can add more of a strain on your existing staff, increasing their workload and adding to their stress.
- Being able to retain your top performers can make all the difference to your bottom line and to your competitive edge, and unfortunately, the reverse is also true. If top performers keep leaving, the impact on your business can be disastrous.
While some turnover in your company can bring in new ideas and different viewpoints, too much can be highly damaging not only to your bottom line, but also to your current employees. Good retention strategies are vital to keep a positive atmosphere and your business booming.
Looking for a top performer for your company? Why not get in touch with Bright Side Recruitment today. Let us take on the work of finding you great candidates for your vacancy, while you concentrate on running your business.