Effective Measures for Improving Employee Retention

With a bachelor's degree in communications from the University of Massachusetts, Michael Snedeker is an ActionCOACH business consultant who works with service-disabled veteran entrepreneurs in and around Boston. Among other key areas, Michael Snedeker provides business owners with insight into employee retention strategies.

A strong recruitment strategy is an important aspect of business development, but employee retention is even more crucial for sustained success. Studies have shown that the cost of replacing an employee can range anywhere from tens of thousands of dollars to more than twice their original salary, while soft costs such as lowered productivity and decreased engagement are also incurred.

Any successful retention strategy should begin at the recruiting level, with employers seeking candidates who have qualities that match aspects of a business' corporate culture and strategy. Additionally, candidates with longevity at previous jobs and those with extensive volunteer or recreation activity should be prioritized.

Beyond the recruiting process, employers seeking to increase their employee retention rate should provide ongoing career education and emphasize the potential for advancement. Employers should promote from in house whenever possible so that employees feel they're crucial to the company's overall success. Offering benefits such as flexible work schedules and remote opportunities can also play a vital role in retaining employees.