Staff retention and business performance
The importance of staff retention for business performance is more essential than ever
Over the past 10 years we have been lucky enough to work with some truly great companies such as ebay, first direct, Sony, BP, Lloyds bank, MEC global and Harrods. One thing all of these companies really value is great staff; they know just how important great staff are for the performance of their business.
In addition to this over the past 12 months we have seen more of our clients really prioritise staff retention. Apart from the obvious reason of wanting to retain great staff, organisations are now finding it harder to recruit top talent, which is making staff retention more important that ever.
Central to staff retention is the culture of the organization, we know from our experience of working with many of the Sunday Times best companies that a healthy, energized, positive and engaged culture leads to happier staff, which in turn plays a key role in staff retention. We also know that an unhealthy, stressed, negative, disengaged culture will play a key role in high staff turnover.
In saying this, there is no getting away from the fact that the “workplace” has become a more stressful and challenging place over the past 6 years. This is making it all the more important for organisations to take a pro-active approach to staff retention.
By retaining your staff you not only impact on business performance, but you also save your organization tens of thousands of pounds in recruitment and training costs. These costs are very visual on your P&L, however there is also the more hidden cost of the time it takes a new starter to get up to speed and performing as well as the high performer you lost.
The best companies truly see their staff as their biggest asset, and in turn take a proactive approach to staff retention.