By Lauren Drell
A recent survey found that 70% of people are more likely to look for a new job after vacation. Realistically speaking, with the holidays and the accompanying vacation days just around the corner, there’s a chance a few of your employees are looking to jump ship. And that’s bad news for two reasons. First, if they’re unhappy, that could reflect poorly on the company culture, morale and/or management. Second, it costs 20% of an annual salary to replace a mid-level employee, and it could cost 213% of a year’s salary to replace a C-suiter, according to a study by CAP [PDF].
Odds are, you lack the time, money and patience to recruit a new slew of hires, so we’ve done you a favor and rounded up tips and tactics for building employee retention and fostering a happy workplace that makes people want to stick with you.
“We don’t say we have a great culture because we have a keg, or do fun events as a company,” says Alexis Lamster, director of people and culture at Carrot Creative, which has a maximum turnover rate of 3% in an industry that averages 30%. “Culture is about the shared values of a group of people … By supporting our culture in hiring and in the brands we choose to work with, our employees have a stronger sense of loyalty and, in return, are more invested in their jobs.”
Read on for eight essential tips for employee retention for your small business. You’ll notice that there tends to be some overlap between several of these tactics; that’s because cultivating a strong company culture is complex, and it requires a holistic approach and a lot of dedication. But it’s worth it — just ask your employees…….