May 4, 2022

Hiring, Retaining, and Engaging Part 3

#3 Retaining/Keeping

It is very costly to replace an employee because there are so many factors to account for; it can easily cost one-half to two times their annual salary. The factors to consider go across the board and include the following: vacation and sick payout, healthcare coverage, severance pay, lower productivity, decreased morale, loss of experience, and many more. If you consider all these costs, it is easy to see how important it is to retain a good employee. 

In my survey, I asked two questions:

#1:  How critical is Employee Retention?

#2:  Which factors are important to retaining employees? 

These questions included Core Culture, Manager Relationship, Work/Life Balance, Health/Wellness Benefits, Compensation, and more. 

The results for question #1 reflected that about two-thirds believe that retainings employees is critical, which is the highest rank possible. The percentage jumped to 86% when you combine the two highest-ranking levels. This shows that most companies believe that retaining their employees is highly important. 

Of the nine factors listed, there were six that had the most responses, and the order was consistent no matter the size of the company. 

They are listed in rank order here:

  • Manager Relationships
  • Work/Life Balance
  • Authentic Appreciation
  • Career Development
  • Schedule Flexibility
  • Morale and Culture

Up to this point, I’ve explained the methodology used in my Teamwork survey, the factors employers deem most critical in making the best hire, and the key factors that impact employee retention. 

In my next blog, I will share how companies viewed the importance of engaging your employees and the factors they value.

Coach Dale

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