If you wait until an exit interview to find out why a valuable employee has decided to move on, you’ve missed a golden opportunity — not just to keep a productive member of your team but to identify and fix issues within your organization before you lose others. Instead, touching base with employees about what motivates them while they’re still on staff is part of a key strategy in gaining an edge in today’s tight talent market: employee retention.
Why employee retention is important
Employee retention is a critical issue as companies compete for talent in a tight economy. The costs of employee turnover are increasingly high — as much as 2.5 times an employee’s salary depending on the role. And there are other “soft costs”: lowered productivity, decreased engagement, training costs and cultural impact.
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