Employee Retention Cuts Costs

A recent study points to employee retention being able to save companies tens of thousands of dollars due to additional requirements such as productivity and engagement losses, as well as the training efforts for new hires but, despite the best efforts of employees to improve workplace dynamics, as many as 20% of employees will leave regardless (for both personal and professional reasons).

“Given the highly competitive market in such a fast growing country like the Philippines, it’s becoming much more difficult – and therefore much more costly – to find good talent. As such, businesses end up with open vacancies for too long and are running into delivery issues. A good way to not get into those problems is making sure to keep the best talent within the business. Besides compensation, there are many more things a company can do to keep employee retention high. Employee engagement and sophisticated HRIS tools can help a lot and should be implemented by all businesses,” says JustPayroll CEO Tom Thurnherr.

Other benefits of retaining your current workforce include: the maintenance of both productivity and performance, as the staff have already been trained and are well-versed in the company’s expectations and strategies, as well as their core values, and it allows for a reduction in the amount of time spent on interruptions to the current workforce, as the processes may remain seamless and permit continuous productivity; increased morale amongst the workforce, as each member of staff has a sense of job security if there is no “revolving door policy” when it comes to employees, and this creation of a positive working environment also works wonders when a sense of pride, commitment, and loyalty to the company and its objectives are concerned (this is where employee engagement plays an even more important role than at other times); the upgrading and improvement of recruitment policies – or perhaps the negation of the requirement for such policies on the larger scale – as employees are far more likely to require replacing for any reason if the (ideally synergetic) relationship between them and their employers is one of realism, integrity, and presents the opportunity for mutually beneficial advancement.

For more information on the above, and how you can improve employee retention via both outsourcing and enhancing employee engagement procedures, please contact one of our certified geniuses on genius@justpayroll.ph.

Or you might want to checkout our cloud based online payroll solution PhilPay.

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