Importance of Employee Retention
Importance of Employee Retention Introduction It is important for a successful business to be consistent in all aspects, including its employees. Having a high rate of employee retention involves keeping employees in the organisation in the long-term which ultimately results in less resources and time needed to train new employees, while also possessing the loyalty required for successfully running the business (Cooper, 2016). High staff turnover (implying low employee retention) is a significant HRM issue because a significant amount of company resources, time and money are spent for training new employees to replace those who leave. Problems of high staff turnover Employee retention is important because high staff turnover brings about a range of issues to business operations. For instance, there will be slowing down of productivity due to current employees helping out the new staff member added to the team (Birdie, 2021). In addition, there...