High turnover rates are expensive for businesses. The cost of interviewing, hiring and training new employees consistently can be excessively damaging to any profit margin. In addition, the new employee will still often lack the familiarity of the company, relationship with clients and the skills that the trained and experienced employees before them possessed.
The goal is to keep employees for as long as possible. While there will always be some losses, it is possible to reduce the turnover rate to a minimal amount. It will save the company money and will be proof of a happier staff. The proven method of making this happen is not necessarily with higher pay or a more generous benefits package (although those do help), but with extra incentive rewards, acknowledgement of exceptional work and by improving management/employee communication.
This employee retention plan is one that Darius Fisher has put into place at his own company. Fisher, President of Status Labs, believes that one of the best ways to reduce loss and keep a happier staff is to work on the tips listed above. According to this article from PRWeek, that is not all Status Labs does to help companies thrive. His business assists others with their digital reputation, improves their online marketing campaigns and helps companies deal with reputation damaging reviews and rumors quickly and effectively.
Despite the fact that Fisher’s company is focused on improving the reputations of others, his own company and its needs have been important to him. Keeping his employees satisfied with their work and reducing the amount of hiring and training they have been required to do has helped his own business to grow.
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