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Why is employee retention needed?
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Retention Home » Need of Employee Retention
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Employees are the most important and valuable asset of an organization. Employees are the foundation of an organization. Organizations today are doing their best to hold on to their employees. Retaining them is as important as hiring them in the first place. employee retention is the next challenge after hiring the employees. Retention is important because:
To make good people stick in the organization: Good people are always needed. No organization wants to loose them. “Better the staff, better the organization” is the key here.
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- Talented people are always in demand: People with technical and leadership qualities are always in demand. Loosing them means loosing on your business.
- Continuously hiring new employees and loosing the old employees is the worst that can happen to an organization.
- Hiring process is time consuming and expensive. The cost of replacing an employee is far more then retaining the old one.
- Training given to the employees involves money, efforts and time.
So why not retain the employees instead of hiring new ones.
- It’s always good to have trustworthy old employees in the organization. It brings stability to the organization. It also increases the loyalty factor and creates a healthy work environment.
- Retaining old employees provide a learning culture for the new hires.
- The new hires bring in new ideas and talent. But the old employees have knowledge of the processes of the organization and their valuable experience.
- Last but not the least; retention helps create goodwill of the organization in the market. An organization whose attrition rate is high is never a preferred employer.
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