Employers across the U.S. are struggling to find skilled workers, including in the construction industry. As a result, many companies are putting significant money and effort into attracting and hiring employees, according to inc.com.
However, efforts still must be made to focus on employee retention, which is especially crucial during times when skilled workers are scarce.
Following are six reasons why employee retention should be a company’s top priority.
- Desperate times mean companies are increasing pay, incentives and benefits to attract new talent. Employees who do not believe they are being treated well are at high risk of moving to a job with many opportunities available.
- Existing employees can temporarily fill some of the gaps during the worker shortage. Loyal, satisfied employees are more likely to take on extra hours and will pitch in to help the team succeed, especially if they feel appreciated and know the situation is temporary.
- Retaining staff saves significantly on your company’s overhead expenses. You save on hiring and training costs, but existing employees also have knowledge and experience that cannot be replaced quickly or easily.
- Retaining employees creates consistency with customers. The relationships and trust your employees develop with customers can be crucial if you need to adjust business practices in response to labor shortages.
- Retention creates a happier workplace. When employees leave, it can create a sense of instability, making others question their own desire to stay.
- Potential leaders in your company could be stepping up and proving their value. Your ability to put them on a rewarding career path depends on whether you can retain your future superstar employees.
