Keeping your best employees and making them even better could be the difference between a good versus great small business. Managers agree that it is their employees above all else that help differentiate their organizations from competitors.
If your employees don't love what they are doing or don't love your business, they are simply not going to be as productive at work. That means that you might have to hire more people than you need or your customers might end up being poorly serviced.
If your employees leave, and your business has a low retention rate, this is going to result in higher management costs in training time, recruitment tactics, and having potential employees (especially great ones) accepting offers. No one wants to work for a company that is known for high turnover. Employee retention can save you a ton of time and money.
Finally, employee retention makes customers happier and more satisfied. How many people continue going to the same checkout clerk at a grocery store, or the same bank teller? It is the relationship that you develop and the trust you build with them. I've even heard of a grocery clerk being invited to family birthday parties. Employee retention allows your employees to build these relationships. This is great for your customer satisfaction levels, but it is also great for your employee's engagement levels.
So how do you keep the best and avoid employee turnover as a small business? Find out in 30 minutes how to keep your employees engaged and increase your retention.
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