Sign In
The CEO Views Small logos
  • Home
  • Technology
    Artificial Intelligence
    Big Data
    Block Chain
    BYOD
    Cloud
    Cyber Security
    Data Center
    Digital Transformation
    Enterprise Mobility
    Enterprise Software
    IOT
    IT Services
    Innovation
  • Platforms
    How IBM Maximo Is Revolutionizing Asset Management
    How IBM Maximo Is Revolutionizing Asset Management
    IBM
    7 Min Read
    Optimizing Resources: Oracle DBA Support Services for Efficient Database Management
    Oracle
    Oracle
    9 Min Read
    The New Google Algorithm Update for 2021
    google algorithm update 2021
    Google
    5 Min Read
    Oracle Cloud Platform Now Validated for India Stack
    Service Partner Horizontal
    Oracle
    3 Min Read
    Oracle and AT&T Enter into Strategic Agreement
    oracle
    Oracle
    3 Min Read
    Check out more:
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    Banking & Insurance
    Biotech
    Construction
    Education
    Financial Services
    Healthcare
    Manufacturing
    Mining
    Public Sector
    Retail
    Telecom
    Utilities
    Gaming
    Legal
  • Functions
    RISMA Systems: A Comprehensive Approach to Governance, Risk and Compliance
    Risma Systems
    ENTREPRENEUR VIEWSGDPR
    9 Min Read
    Happiest Minds: A “Privacy by Design” approach is key to creating GDPR compliant businesses
    Happiest Minds 1
    GDPR
    8 Min Read
    Gemserv: GDPR 2020 and Beyond
    Gemserv 1
    GDPR
    9 Min Read
    ECCENCA:GDPR IS STILL AN UNTAMED ANIMAL
    eccenca 1
    GDPR
    6 Min Read
    Boldon James: HOW ENTERPRISES CAN MITIGATE THE GROWING THREATS OF DATA
    Boldon James 1
    GDPR
    8 Min Read
    Check out more:
    • GDPR
  • Magazines
  • Entrepreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
  • Events
Reading: Why Employee Retention Is More Important Than Ever
Share
The CEO Views
Aa
  • Home
  • Magazines
  • Enterpreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Search
  • World’s Best Magazines
  • Technology
    • Artificial Intelligence
    • Big Data
    • Block Chain
    • BYOD
    • Cloud
    • Cyber Security
    • Data Center
    • Digital Transformation
    • Enterprise Mobility
    • Enterprise Software
    • IOT
    • IT Services
  • Platforms
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    • Banking & Insurance
    • Biotech
    • Construction
    • Education
    • Financial Services
    • Healthcare
    • Manufacturing
    • Mining
    • Public Sector
    • Retail
    • Telecom
    • Utilities
  • Functions
    • GDPR
  • Magazines
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
The CEO Views > Blog > Micro Blog > Why Employee Retention Is More Important Than Ever
Micro Blog

Why Employee Retention Is More Important Than Ever

The CEO Views
Last updated: 2024/02/09 at 5:19 AM
The CEO Views
Share
Why Employee Retention Is More 01 1
Why Employee Retention Is More 01 1

Even as the Great Resignation comes to a close, many industries are still struggling to find and retain talented workers. Food service and hospitality, for example — both of which require in- person attendance — have seen high quit rates since the pandemic, in part because of burnout and a rise in available remote jobs. The importance of employee retention cannot be understated during this unprecedented shift in the labor market.

Reducing Costs

Perhaps nowhere is the importance of employee retention more obvious than in the accounting department. On the conservative end, the cost of replacing a worker may be as low as $1,500, as one convenience store chain found. That is still not cheap, and higher estimates span from $3,500 to $10,000. These costs account for overtime pay, recruitment, performing background checks, training new hires and lost productivity.

Retaining Younger Workers

Many industries are grappling with their staff entering retirement. Construction, aviation and defense, for example, face an aging workforce. Simultaneously, these sectors are struggling to attract and retain younger talent.

Younger workers are increasingly disillusioned with their jobs and are seeking higher wages to account for rising costs of living. A 2023 survey found that 61% of millennials and 78% of Gen Z workers were planning to search for a new role within the next year, underscoring the importance of employee retention.

Holding On to Talent

Often, the workers who quit voluntarily are the most skilled. These employees have the talent, drive and industry knowledge to transfer to another job successfully, making their absence an even bigger loss for the company. Keeping them on the team helps maintain high levels of performance and productivity.

Improving Morale and Productivity

Lower turnover rates can help keep employees in high spirits. Having a consistent team allows people to bond with their co-workers and can make them happier to come to work. It also gives employees a greater sense of security knowing their workplace recognizes and values its staff.

Higher morale improves workplace engagement. A Gallup report found that actively disengaged workers account for $7.8 trillion in lost productivity worldwide — equivalent to a staggering 11% of global GDP — which further underscores the importance of employee retention.

Creating a Solid Reputation

Investors and job applicants notice companies with high retention rates. It sends the message that the businesses are good places to work, have competent management and are financially stable. Building a strong reputation for good leadership and corporate culture gives companies a better chance of attracting investors and job seekers.

Improving the Customer Experience

Another area in which the importance of employee retention is clear is customer care. New hires often make frequent mistakes and may need help assisting customers.

In contrast, senior team members are usually more adept at engaging with clients. They know the answers to common questions, can quickly locate items customers are looking for and are better at problem-solving. Keeping them on the team makes a company look more competent and can give customers a better experience.

Underscoring the Importance of Employee Retention

The good news for employers is that most industries are seeing lower turnover rates. However, workers are empowered and have more options than ever when seeking employment. Retaining talented staff members improves morale, creates a better customer experience, saves money and boosts productivity. There has never been a better time to invest in employee retention.

The CEO Views August 23, 2023
Share this Article
Facebook Twitter LinkedIn Email Copy Link
Previous Article The Role Of Human Resources In The The Role Of Human Resources In The Completion of Acquisition Mergers
Next Article Perle Systems Launches Native OCI Container Support in IRG Cellular Routers
IMG 1361

Why Every Business Needs an Effective Continuous Improvement Solution

August 26, 2024
Blockchain 1
Block Chain

How Can Blockchain Technology Help With Intellectual Property Protection?

The CEO Views By The CEO Views March 7, 2024
7 Ways To Improve Your Companys Website And Reach More People Title image
Micro Blog

7 Ways To Improve Your Company’s Website And Reach More People

The CEO Views By The CEO Views January 30, 2025
Simon Loopuit CEO Trust Hub
Magazine

Is Defense-in-Depth the Solution for Comprehensive “Zero-Trust” Security? Not So Much.

The CEO Views By The CEO Views August 7, 2020
Institutional Investment in Cryptocurrencies
Cryptocurrency

Institutional Investment in Cryptocurrencies – Trends and Predictions for 2025

The CEO Views By The CEO Views January 27, 2025

The US Stock Market Today Takes a Surprising Turn as Stocks are Rising and Oil is Tumbling after Iran Launched Missiles at US Bases

June 25, 2025

Redefining Business Success: An Exclusive Interview with Joy Gendusa, CEO of PostcardMania

June 25, 2025

St. Cloud Financial Credit Union: Trailblazing Financial Technology

June 25, 2025

Res Media: Crafting More than Just Applications

June 25, 2025

You Might Also Like

How Visual Direction Shapes Your Brand's Positioning
Micro Blog

How Visual Direction Shapes Your Brand’s Positioning

7 Min Read
How to Choose the Best Parking Lot Lights for Commercial Property
Micro Blog

How to Choose the Best Parking Lot Lights for Commercial Property

8 Min Read
Audio Distribution Systems
Micro Blog

How Modern Audio Distribution Systems Are Transforming Commercial AV Integration

8 Min Read
Unlock Business Insights with Microsoft Power BI Consulting
Micro Blog

Unlock Business Insights with Microsoft Power BI Consulting

8 Min Read
Small logos Small logos

© 2025 All rights reserved. The CEO Views

  • About Us
  • Privacy Policy
  • Advertise with us
  • Reprints and Permissions
  • Business Magazines
  • Contact
Reading: Why Employee Retention Is More Important Than Ever
Share

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?