Best Practices for Retaining Employees
Employee retention relates to strategies an organization takes to manage turnover in an effort to keep its most talented employees. Effective retention strategies that promote a positive work culture go a long way to keeping employees motivated and productive, while building higher levels of loyalty and engagement across the organization. Organizations that do not consider employee retention a strategic priority can suffer negative consequences, for example:
- High costs of replacing workers who leave the organization;
- Loss of institutional knowledge and key skills;
- Lower levels of customer service; and
- Decreased levels of employee motivation and morale.
This guide discusses best practices in employee retention and factors affecting turnover. It covers a range of strategies an organization can use to reach its retention goals, such as promoting training and career development opportunities, having policies and practices that reflect the organization's culture and implementing fair and competitive compensation and benefit practices.