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With the search for top talent becoming increasingly competitive, it’s no wonder many businesses are faced with the challenge of retaining employees. The climate has significantly changed, according to a Forbes article. Employees are no longer concerned about being stigmatized for showing a resume with stints at companies lasting only one or two years.
In fact, depending upon the industry, employees who stay at the same company for more than two years will likely earn less over their lifetime — by as much as 50 percent or more, according to the same article. This is tied directly to the typically low rate of annual raises they can earn, compared to the higher amount they can demand by moving to another position.
All this raises significant challenges for a business trying to avoid the high costs of employee turnover, which not only requires the expenses of recruiting and retraining a new employee. High employee turnover also can cause a ripple effect — leading to low morale among other employees.
Here are 3 tips to help you promote a work environment that encourages your employees to commit to a long-term relationship with your company.
Retaining talented employees is key to the long-term vitality of a company. By providing them a challenging work environment and investing in their long-term development, you can minimize the high costs related to employee turnovers.