Employee retention is vital to the success of any business. When talented employees leave, it disrupts operations and hurts productivity—seriously affecting the bottom line. That's why proactive retention strategies are key to nurturing an engaged, thriving workforce.
The costs associated with turnover and recruitment are good reasons to invest in employee retention. Replacing talent is expensive when you account for lost productivity and the price of hiring and training new employees. On average, employee turnover can cost Canadian businesses between $41,000 and $100,000 annually.
In this article you'll find five proactive strategies that will help strengthen employee engagement and create an environment where top talent will want to grow with your business.