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
How to Leverage Data Analytics to Improve Restaurant Performance

How to Leverage Data Analytics to Improve Restaurant Performance

January 13, 2025
ATFX
ENTREPRENEUR VIEWS

ATFX: IN A MISSION TO LEAD THE GLOBAL FOREX INDUSTRY

The CEO Views By The CEO Views February 26, 2024
Sherie McCarty
ENTREPRENEUR VIEWS

MAS Construction Services: Trailblazing Construction Solutions

The CEO Views By The CEO Views March 12, 2025
Is BC Game One of the Top Crypto Games
Gaming

Is BC Game One of the Top Crypto Games?

The CEO Views By The CEO Views November 29, 2024
Summer in Paris
Micro Blog

From Sunshine to Sidewalk Cafés: 7 Ways To Enjoy a Summer in Paris

The CEO Views By The CEO Views May 10, 2024

Energy Industry Must-Knows For CEOs

May 19, 2025

CBD Vape Pen Is Best Bought Locally: Here Are Top 7 Reasons

May 19, 2025

Common Challenges Faced by Ukrainians and Foreigners in Immigration Processes: How Attorneys Can Help

May 19, 2025

Why In Home Dog Grooming NYC Is Growing in Popularity

May 19, 2025

You Might Also Like

Energy Industry Must Knows For CEOs
Micro Blog

Energy Industry Must-Knows For CEOs

8 Min Read
CBD Vape Pen Is Best Bought Locally Here Are Top 7 Reasons
Micro Blog

CBD Vape Pen Is Best Bought Locally: Here Are Top 7 Reasons

8 Min Read
Why In Home Dog Grooming NYC Is Growing in Popularity
Micro Blog

Why In Home Dog Grooming NYC Is Growing in Popularity

7 Min Read
DIY vs. Professional Pressure Washing
Micro Blog

DIY vs. Professional Pressure Washing: Which One is Right for You?

6 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?