POPin Blog

The Value of Retention in Businesses

Oftentimes, businesses treat high employee turnover rates as a problem, rather than a symptom to a bigger problem needing to be addressed. High employee turnover is indicative of troubled relationships between an organization’s team and leadership. It can lead to wasted time and money on recruiting and onboarding, not to mention instability and lack of community among team members. Employee retention is critically important to any organization seeking growth and success. In fact, Fortune Magazine identified maintaining employees in a competitive marketplace as the most important goal for businesses in 2017. Below are just a few of the benefits of maintaining a steady team:
  • Strong identity and community. A team where the team members are always changing will be in a constant state of flux. A solid team that has been through successes and struggles together will naturally bond, if only professionally. We here at POPin know the value of a workplace community and its importance in navigating the jungle of the 21st century marketplace. By maintaining a positive corporate culture, your team will be excited and prepared to take your organization to the next level.
  • Lower costs. The average cost of replacing an employee can grow up to 213%! These huge numbers result from many hidden costs, including loss of productivity and job advertising costs. High employee retention means less of these costs and better “bang for your buck” in terms of employee efficiency.
  • Better outcomes. A new employee is far more likely to make a critical error than an experienced one. Mending these errors can cost time, money, and clients. It’s understandable. To succeed in a company, it takes time and on-the-job learning. A company scrambling to fill many position can’t provide this. A team experienced with your clients and each other are able to provide effective services and produce better outcomes. In this case, the old saying “practice makes perfect” rings true.
  • Taking risks, on both the team member and organizational level, is a major key to achieving milestones and progress. Employees must be comfortable taking risks, and developing that comfort takes time. New employees are less likely to pitch their game-changing ideas since they have not yet adjusted to their new workplace. It is also a matter of time and distraction. Companies spend a lot of time and focus on onboarding employees. When organizations can shift their focus from recruiting team members to achieving goals, they will be able to move forward at a much quicker pace.
Rock employee retention with POPin. POPin provides an easy-to-use channel for your employees to provide honest feedback and ideas anonymously, while providing leaders with easy-to-read charts that bring their attention to matters needing the most focus. With POPin, your team will feel engaged, valued, and respected, three elements critical to staying on board and in tune with the company mission. Try POPin today, and always keep your team moving forward.