Challenges of Employee Retention
A company's employees are a valuable asset to the company's success. Employee turnover costs money in recruiting and training new employees and in decreased production because of the loss of experienced workers. In order to help maintain your current workforce, company managers need to understand the challenges surrounding employee retention.
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Cost of Benefits
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It can be a misconception made by employers that employee pay is a main motivating factor in retaining quality employees, according to the human resources experts at the HR Hero website. A concern that employees have above their salary is the availability of health benefits. This is mostly true with employees that are 25 years of age and older and have a family. The challenge for employers is in finding health benefits the company can afford that will help retain top talent.
Pay Structure
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A challenge faced by any company looking to retain employees is not only finding the right amount to pay employees, but also finding the right pay structure to use for employees, as well, according to the management experts the Management Issues website. For example, sales professionals might believe that more of their pay needs to be based on sales performance, but they also require a base salary to hold them over until commissions can be paid. It is a balancing act that human resources experts are constantly trying to maintain.
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Diversity
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As the modern workforce continues to be more diverse, it creates the need for employers to be mindful of the workplace environment they are creating, according to business experts Valerie L. Myers and Janice L. Dreachslin writing on the Entrepreneur website. Human resources departments need to be mindful of the quality of employees they hire and the cultural diversity of the workplace. A company that does not have a diverse environment will find it difficult to attract qualified candidates looking for a strong mix of employee backgrounds.
Individuality
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Individuality is something that is important to each worker, but it can be difficult for the company to respect each person's needs. One of the ways that a company can address the individual needs of each employee is to develop strong policies that outline employee assistance options to those employees who might be in need. Encourage employees to go to their managers with issues and encourage managers to be respectful of employee issues. A company that does not make an attempt to recognize the individuality of employees runs the risk of high turnover.
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