Successful employee retention has become a decisive factor for the long-term success of companies. In the face of ever-growing competition for skilled workers and employees' rising expectations of their workplace, it is extremely important to develop and implement effective employee retention strategies.
In this article, we at Crewting take an in-depth look at the concept of employee retention. We will define employee retention, analyze six key pillars, examine different forms of employee retention and highlight the numerous benefits it offers companies. We will also take a look at the measures and tools that can contribute to the successful implementation of employee retention. Because: We want to show how employee retention can improve internal HR and actively contribute to strengthening companies.
Employee retention, also known as employee loyalty or employee engagement, describes the extent of the emotional and psychological bond that employees develop with their employer. This bond goes far beyond simply staying with a company and refers to the attachment and loyalty to the workplace. Employee retention also reflects employee satisfaction - the extent to which employees are motivated and committed to their work - and how strongly they identify with the goals and success of the company. High employee retention means not just doing the job, but actively committing to one's own task and contributing to achieving common goals.
The following 6 pillars form the basis for successful employee retention and help employees to feel connected to the company they work for in the long term.
These pillars and measures are also known as corporate benefits.
Employee retention can occur in different forms:
Employee retention is essential for companies as it offers numerous benefits: High employee retention leads to a reduction in staff turnover and the associated costs. It also increases the productivity of the workforce, as committed employees are more motivated and work more efficiently. Employee retention creates a positive corporate culture and strengthens the company's image. Companies benefit from lower recruitment costs and a stable, experienced workforce. Ultimately, successful employee retention ensures employee wellbeing and contributes significantly to the long-term competitiveness and success of a company.
Successful employee retention requires a deep understanding of employees' needs and a holistic approach. It's not just about financial incentives - it's about creating a motivated and supportive work environment, promoting the personal and professional development of employees and recognizing their achievements. The following measures and instruments are possible:
A digital employee survey can help to find out how well such measures and goals have ultimately been implemented and how strong employee loyalty really is in your own company.
