People are the heart of your business. Good employees are the driving force behind innovation, productivity, and ultimately, your organization’s success.

But in recent years, employees’ expectations have changed, and employee retention has become an even bigger challenge for employers. Turnover is an expensive and frustrating problem and over time, could be the reason a business fails.

However, making the effort to foster a positive culture and listening to your employees needs can make you a better workplace, with a loyal workforce. If you’re ready to commit to retaining your team, we can help. We’re sharing our 10 best employee retention strategies:

The cost of employee turnover

The cost of employee turnover can be high, and not just financially. It’s true, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. But other unseen costs include:

• Opportunity costs — How much could your business have grown if you kept your team together?
• Culture costs — How will the departure of good employees impact the rest of the team? When you lose employees who make positive contributions to your culture, what happens to your culture when they take those contributions elsewhere?

As a small business owner, any time you spend on recruiting, hiring, and onboarding is time you could have spent on running your business instead.

10 Employee retention strategies that work

Turnover is something that employers have the power to control. In our Toxic Work Environment Report, we found that 84% of employees that were planning to leave their jobs, would stay at their current jobs if their employers made positive changes to the workplace.

So what changes can you make?

Here are our top ten strategies for creating a workplace with high employee retention.

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