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An inability to retain employees can be incredibly expensive for companies – it’s estimated that it can cost double an employee’s salary to replace them. That figure can be even higher for employees who are particularly essential to a company’s day-to-day operations. So how can you keep your employees for the long-term? Here are five strategies to boost your employee retention.

  • Competitive Salaries and Benefits

Recent data has shown that 45% of employees leave their jobs for reasons related to salary and benefits. While financial stability might not be the driving factor, seeking more beneficial or comprehensive benefits packages is a huge reason for people to quit. 

  • Effective Hiring

If you hire people who aren’t well-suited for the position, it shouldn’t surprise you when they quit before their first year is over. For many new hires, an inadequate onboarding process leaves them lacking valuable information and fosters a pool of negativity from the start. 

  • Comfortable Working Conditions

Your employees are human – that means that they experience pain and frustration when things are out of balance. If the hours are too demanding or there’s unresolved tension among coworkers, a job can quickly become emotionally draining and drive someone to quit. Work with your employees to identify areas that are harming their view of their job and try to alleviate as much pain and frustration as possible.

  • Leadership, Not Bossiness

A boss can make or break an employee’s view of their job – a good boss can retain employees and even fill vacant positions with referrals, while a bad boss can drive employees away faster than you can hire them. Ensure that the people you’re entrusting with management positions have good leadership qualities, such as inspiring confidence and the ability to handle challenges. 

  • Employee Engagement

Over half of disengaged employees are liable to be seeking other employment. If you don’t care about your job, why would you want to stay in it for the long-term? Offering learning opportunities, paths of advancement, and recognition for success can help people feel more engaged with the company and less likely to leave.