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Increasing Employee Retention Rate

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Employees who leave abruptly definitely can hurt the company’s growth, especially during the early stages. Finding a replacement, training them can cost a lot more than time and money. It might affect other employees and trigger negativity at work.

So, here is what a smart business owner would do to prevent employees from leaving:

  • Make sure you are hiring selectively from the beginning. Consider things like diligence, attitude and integrity amongst other things like academic qualification, skills and experience.
  • Pay them right. Keep a tab on industry compensation standards. Structure the bonus and benefits well.
  • Offer flexible work schedules. Ensure employees are well prepared to do what their job requires like travel, late nights, vacations and so on.
  • Provide comfortable work environment and culture. Provide ample training and support new hires till they can manage on their own.
  • Be generous with praise and recognition. Uncover strategies to reward employees when you cannot afford to do it with money. A simple thank you or a well-done note could do wonders!
  • Give a career road map. Specify what they need to do to achieve the next milestone. Never deny acknowledging when someone meets their goal.

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