Employee Turnover Costs
Employee turnover can cost a company a lot of money. When people leave their jobs, it is not just a matter of saying goodbye to them. It also means the company has to spend money on finding and training new employees. While new employees are learning, work might slow down a bit. Plus, when someone leaves, they take with them all the knowledge they have about how things work at the company.
Candidate sourcing strategies are quite different than employee retention strategies. In candidate sourcing strategies you have only source a candidate but in employee retention strategies you must have to follow strategies to retain the employee to do work on peak. This can make it harder for the team to work well together, and it might make everyone feel less happy. If a lot of people leave at the same time, the people who stay might have to work harder, which can make them feel tired and less productive. So, understanding how much it costs when people leave can help us see why it is really important to make sure people want to stay in their jobs.
Challenges in Employee Retention
While employee retention is undoubtedly important, it is not without its challenges. One of the most common challenges is competition from other employers. In today’s job market, skilled employees have numerous opportunities, and if they are not satisfied with their current employer, they will likely seek employment elsewhere. Another challenge is poor management and leadership.
