8 Effective Employee Retention Strategies

Hiring top talent is only the start to creating an outstanding workforce. The next step — and just as vital — is keeping them around. Let’s dive into employee retention: your company’s ability to maintain a work environment that supports staff in remaining with you.

Employee turnover is often a symptom of deeper unresolved issues, such as low employee morale, unclear career development options, lack of recognition, or poor employee-manager relationships. In addition to lost productivity, employee exits also hurt your bottom line.

One analysis found that businesses spend about one-fifth of an employee’s annual salary to replace that worker. Costs come in the form of recruiting and training, as well as institutional knowledge.

Ready for new ways to keep strong employees with your company? Below we’ll explore specific strategies for creating a better work culture in which your people want to stay and grow.

Strategies for employee retention

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Why Transparency Is the Hallmark of a Great Leader

There are many ways to run a successful company, but some practices are almost guaranteed to help you along the way. One of those, according to three founders of fast-growing companies, is transparency. 

Carey Smith, the founder of Big Ass Fans and Unorthodox Ventures; Diana Lee, the co-founder and CEO of Constellation Agency; and Nicole Sahin, the founder and CEO of Globalization Partners, agreed that transparency is an essential leadership trait, especially in difficult times. They spoke about the state of business today at a virtual town hall Monday moderated by Inc. editor-in-chief Scott Omelianuk. The discussion was part of the 2020 Inc. 5000 Vision Conference, a weeklong virtual event celebrating entrepreneurship and this year’s Inc. 5000 list of America’s fastest-growing private companies.

The panelists offered advice to business leaders who are seeking to soften the impact of the Covid-19 pandemic on both their companies’ bottom lines

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Why a Career in the Construction Industry Provides Job Security

It is no secret that we are living in uncertain times. Technology is advancing so rapidly that certain occupational fields may even become obsolete far before anyone ever envisioned. This means that you will want to look for a career that provides you with a good feeling of job security. You want something that adapts to the changing times and continues to expand even in the midst of economic uncertainty. Throughout the modern era, the construction industry has been such a field that provides job security no matter what society seems to throw at it.

People are Always on the Move

Throughout history, people have always been moving from one place to another. This is especially true in recent decades with the expansion of major cities around the world. Whenever people move, there is a renewed demand for new building projects. This is an area that technology will not eliminate … Read more

According to Bill Gates, Asking These 2 Questions Will Make You a Better Leader

Leading a business is hard. Leading anything, for that matter, is especially complicated right now. None of us have ever been through a global pandemic quite like this, and its affects have created remarkable challenges. One of those challenges is trying to navigate your business, or team, or family through what can only be described as very uncertain times. 

Here’s the thing: Starting a business–or anything really–is full of uncertainty. You don’t know, when you start, where you’ll end up. You have an idea, and hopefully you have a plan, but there are so many unforeseen circumstances and variables that come into play that it would be foolish to think you have all the answers.

That can be a difficult realization for leaders who are accustomed to being responsible for having it all figured out. It’s an important one, however, because it can directly affect whether your business

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15 Must Read HRTech Stories From Summer 2020

The pandemic has led to an increasingly unique situation for the workforce. Unemployment rates remain high. Remote working is the new normal. The reliance on technology grows by the day.

HR Tech companies have to be more creative than ever to mitigate these constantly shifting issues. 

In this roundup we highlight the Summer’s major news stories of innovation, automation and integration in the continued wake of COVID-19.

What companies are partnering up to create better candidate experiences? Which tech giant leads the work-from-home initiative? Who is inventing new algorithms to combat location-based hiring difficulties?

Find answers to these questions and more below.  

Reward Gateway Launches Open API for Employee Engagement Platform

August 11, 2020

Global employee engagement company Reward Gateway added Open API capabilities to its Employee Engagement Platform. The addition allows clients and other third-party HRIS’s to connect to Reward Gateway’s existing platform to automate HR processes and help … Read more