How Do Retention Rates Affect Business Performance?
Retention rates have a direct impact on business performance. High retention rates can lead to:
- Cost Savings: Reducing turnover saves on recruitment, training, and onboarding costs. - Increased Productivity: Experienced employees tend to be more productive and require less supervision. - Enhanced Customer Satisfaction: Long-term employees often build better relationships with customers, leading to higher satisfaction. - Stronger Company Culture: Retaining employees helps in maintaining a stable and positive company culture, which can attract new talent.