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Employee Retention Strategies That Work

The cost of employee turnover can be high, and not just financially. It’s true, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. But other unseen costs include:

  • Opportunity costs — How much could your business have grown if you kept your team together?
  • Culture costs — How will the departure of good employees impact the rest of the team? When you lose employees who make positive contributions to your culture, what happens to your culture when they take those contributions elsewhere?

As a small business owner, any time you spend on recruiting, hiring, and onboarding is time you could have spent on running your business instead.

Employee retention strategies

Turnover is something that employers have the power to control. In the Toxic Work Environment Report, we found that 84% of employees that were planning to leave their jobs, would stay at their current jobs if their employers made positive changes to the workplace.

So what changes can you make?

Here are Clint Smith’s top ten strategies for creating a workplace with high employee retention.

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