Top Employee Retention Mistakes To Avoid To Achieve Business Success

Top Employee Retention Mistakes To Avoid To Achieve Business Success
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Summary: High employee turnover can wreak havoc on your profit margin. Our eBook shows you how to launch a winning employee retention plan today.

How To Retain Talent And Bring Business Success

Why is employee retention so crucial? Staffers are your most valuable asset. They bring their unique skills and experiences with them, but they also enrich the team dynamic and enhance your brand image. So, how to hold on to your top talent and maximize your L&D investment? Our eBook has all the information you need to launch an employee retention program that’s result-driven and cost-effective. I’ll give you a sneak preview of Achieving High Employee Retention: Is Outsourcing The Best Solution For Your Business? later in this article. First, let’s get the common employee retention mistakes out of the way so that you can avoid them at all costs.

eBook Release: Achieving High Employee Retention: Is Outsourcing The Best Solution For Your Business?
eBook Release
Achieving High Employee Retention: Is Outsourcing The Best Solution For Your Business?
We give you all the information you need to launch an employee retention program that’s result-driven and cost-effective by choosing the right outsourcing partner.

Top Employee Retention Mistakes

Underestimating The Importance Of Employee Development

There’s a direct correlation between high employee turnover and ineffective online training. Staffers who don’t get the development resources they need usually look for other job opportunities. Thus, employee growth should be a top priority if you want to retain your top performers. Give them personalized support that allows them to bridge gaps and achieve their full potential.

Setting An Unrealistic Budget

A successful staffer retention plan does help you lower new hire onboarding costs. It also brings a variety of other financial benefits to your business. However, it does require an investment of time and money. Thus, you need to create a realistic budget to avoid overspending and maximize ROI, including all the "hidden" fees like ongoing maintenance and software implementation, as well as L&D payroll and online training seat time.

Choosing The Wrong Incentive Scheme

There are plenty of incentive schemes to choose from such as gift card giveaways and paid time off for top performers. The catch is that these rewards are short-lived and don’t really support desired behaviors. On the other hand, exclusive online training events and badges reinforce positive behaviors and help you retain top talent. Another secret is to use incentives that tap into employee motivations and personal preferences. Hint: we talk more about creative incentive schemes in the eBook.

Not Involving Staffers In The Development Process

Staffers are the ultimate beneficiaries of your employee retention plan. Sure, you reap financial rewards and boost workplace productivity. However, they’re the ones who get to keep building vital skills and enjoy job security. As such, you need to involve them in every step of the process, from identifying the best incentives to identifying gaps post-launch. Conduct surveys, focus groups, and polls to get their input. You can also host live events to discuss your staff retention plans and get their personal recommendations.

Ruling out eLearning Content Providers

Some organizations immediately rule out content providers. That’s mainly due to the stigma of outsourcing. They assume that hiring an online training solutions company causes more headaches than it prevents, that the content provider takes control of the entire project and racks up a big bill. However, this couldn’t be further from the truth if you find the right company for your employee retention strategy, as outsourcing partners work with you to identify pain points and avoid common pitfalls. They can even reuse existing assets to cut costs and modernize your L&D program so that you retain top talent.

Everything You Need To Know To Boost Employee Retention

Without a doubt, retaining talents is one of the most cost-effective ways to improve your profit margin and build brand credibility. Fortunately, our eBook can help you launch a winning employee retention strategy, regardless of your budget or staff size. Here’s a sneak preview:

  • Introduction To Innovative Employee Retention Strategies
  • Why The Right Employee Retention Techniques Will Boost Your ROI
  • How To Allocate Your Budget For A Great Staff Retention Strategy
  • Employee Retention And Outsourcing: Is It Worth The Investment?

Conclusion

You can also check out our exclusive online directory to find the right outsourcing partner for your employee retention program. It features the leading vendors for every industry and price range. There’s even a solutions list so that you can scope out their services and compare your top contenders.

How do you retain top talent and reduce new hire training costs? Download our eBook Achieving High Employee Retention: Is Outsourcing The Best Solution For Your Business? for secrets to find the best outsourcing solution.

eBook Release: Homebase
Homebase
Make work easier. Running a small business has never been harder. Homebase helps with free tools to track time and manage your team.