Entrepreneurs and business leaders report employee retention is still on of their top 3 challenges.
A 2011 AFLAC Workforce Report found that 18 percent of business owners see the benefits package as a direct influence on an employee’s decision to leave. The report lists voluntary benefits as a way to reduce costs and still offer quality benefits.
What is important to note, however, is that even in a recession and high unemployment, good people are willing to leave their jobs. This makes solid employee retention strategies an essential part of every business opeation. As the report states “it takes time and money to recruit, interview, train and hire a new employee.” Buisnesses who don’t drive employee retention strategies from the top down are going to lose their competitive edge.
If your business doesn’t have a written and implemented plan to minimize employee turnover, today is the best day to start!