The costs of reviewing applications, processing candidates, conducting interviews, training and purchasing equipment for new hires aren’t only monetary—they also result in lost time and productivity and can negatively impact company culture. Given the high cost of losing an employee, retention should be a top priority for every organization.
Employee retention is even more of a concern as the world continues to be impacted by the pandemic and its ripple effects. Employers are exploring various strategies and tactics to address current challenges to attract, retain and engage employees in today’s employment market. Many employers are:
Prioritize Employee Retention Efforts
A thoughtful and holistic employee retention strategy can play a critical role in attracting and retaining top talent and reducing turnover. Consider this four-step process for an effective retention plan:
The pandemic has brought about many unique challenges for employers, but forward-thinking employers can adjust to ensure the organization continues to retain employees and meet business goals. If you need assistance with create an Employee Retention Plan, Zinn Insurance is here to help.