“Our employees are our biggest asset.” It’s a well-worn phrase, and perhaps to some it’s just lip service. However, more employers and human resource professionals are recognizing the true cost of employee turnover because lower unemployment (4.6 percent currently) and rising salaries (wages are expected to increase by 3 percent in 2017) have created more job options. As the U.S. economy has continued to improve, workers are again willing to research pay grades in their area of expertise and to explore the job market in pursuit of more money. To a small business owner with fewer workers able to step up and cover the vacant slot, the loss of a skilled employee can be especially burdensome. In hard cash, an employer has costs associated with hiring a new person, expenses involving new employee training and development, as well as the cost of time or goods not sold when a position goes unfilled. Over the past 12 months or so, employers have been paying a lot more attention to employee retention.
Here is what some leading employment professionals are saying about retaining good workers:
Finally, people want to work in an environment that is truly caring and nurturing of its people. This can’t be faked. A culture where people respect and appreciate one another is crucial to most employees’ job satisfaction. As a business owner and manager, you are the one who is most responsible for setting the tone and culture of your workplace.
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