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Recruiting Without Retention is VERY Expensive
Business Resources One
In this episode of the Business Resources One podcast, Mike Voories discusses the critical issue of employee retention and the hidden costs associated with high turnover. He emphasizes the importance of understanding why employees leave and offers actionable strategies for businesses to shift their focus from constant recruiting to effective retention. By improving onboarding processes, investing in professional development, enhancing workplace culture, and recognizing employee contributions, companies can create a more engaged workforce and reduce turnover costs.
Takeaways:
- High turnover is a financial drain on businesses.
- The cost of replacing an employee can be significant.
- Loss of institutional knowledge impacts productivity.
- Employees often leave due to lack of growth opportunities.
- A strong onboarding process is crucial for retention.
- Investing in professional development increases loyalty.
- Company culture affects employee motivation and retention.
- Regular feedback sessions can improve workplace culture.
- Competitive compensation is important for retaining talent.
- Promoting work-life balance helps reduce burnout.
https://BusinessResourcesOne.com
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