Keeping employees, keeping them motivated

The high cost of losing an employee

If your company lost a mid-level manager today, finding a replacement would cost you roughly 1.5 times that person’s annual salary and benefits. KeepEmployees Inc. bases this estimate on the costs of processing the separation paperwork, advertising for a replacement, screening, interviewing and training the new employee, plus the loss of productivity and business. And the bad news doesn’t stop there.

The current unemployment rate in Canada is exceptionally low, while the demand for skilled workers and tech-savvy employees is soaring. At the same time, the most experienced and knowledgeable members of the workforce – the Boomers – are turning 50 at the rate of one every 7 seconds, fast approaching the age at which they’ll retire.

It all means that to keep growing, you simply have to keep your employees. According to employee retention experts, this is possible, but it will take a lot more than just boosting salaries. You have to make sure your employees feel that they are truly part of the company. To do that, you have to motivate them.

Top 5 tips for increasing employee retention
Keeping your employees motivated
Helpful links
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