If the last few years were any indication, the only constant is change, and the workplace is no exception. In 2021, organizations around the world grappled with the effects of an unprecedented pandemic forcing HR teams to rethink their approaches and challenging them to keep pace with the seemingly forever changing dynamics of the new workforce. If they can’t keep up, they face losing top talent.
Losing top talent is inevitable at any company, employees move on and HR teams again embark on the talent war journey. Lately, the journey seems to be more and more treacherous, enabling HR teams to pause and regroup to avoid the throes of attrition. For most companies, a simple, yet very necessary term could help shine a light into the retention of its employees: employee retention rate.
What is the Employee Retention Rate?
Employee retention rate is a metric that measures the percentage of employees who remain employed over a specified period of time.
Retention Rates Matter
Retention rates are a simple way for HR teams to pinpoint and address weak areas during that specific time period and will indicate what areas of focus an organization should reinforce.
The Key to a High Employee Retention Rate
If there’s a good retention rate within the organization, chances are high that the organization is committed to providing an environment that is engaging, motivating and positive. Here are some ways companies ensure a high retention rate:
While the “key” to a high retention rate shows success amongst companies, the real key to success is reflecting on your retention rate, being vulnerably open to feedback, listening to employees and making room for a more inclusive, flexible, holistically healthy and positive change - the only constant.
Once a company understands the driving factors behind its retention rate numbers, only then will real change happen - ensuring that the top talent at the company stays at the company.
Need help on implementing a holistically healthy employee benefits strategy? Quit Genius can help.
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