{"id":7663,"date":"2021-09-16T20:02:00","date_gmt":"2021-09-16T20:02:00","guid":{"rendered":"https:\/\/exceleris.com\/?p=7663"},"modified":"2021-09-23T16:24:20","modified_gmt":"2021-09-23T16:24:20","slug":"employee-retention-strategies","status":"publish","type":"post","link":"https:\/\/exceleris.com\/en\/blog\/employee-retention-strategies\/","title":{"rendered":"7 Effective Employee Retention Strategies"},"content":{"rendered":"

A <\/span>recent report from RBC<\/span><\/a> showed that the number of Canadians who quit their job in June tripled 2020\u2019s levels. Unsatisfied workers are looking for new opportunities as the country reopens and the economy recovers. To maintain business operations and reach your growth goals, you need to know how to retain and engage your talented team. This is where implementing employee retention strategies can help.<\/span><\/p>\n

What is Employee Retention?<\/h2>\n

You\u2019ll often see employee retention presented as a metric measuring the proportion of employees who stay with a company over time. The formula is straightforward:\u00a0<\/span><\/p>\n

\"Employee<\/a><\/p>\n

In Canada, the latest employee retention data shows voluntary turnover at 12 percent, involuntary turnover at 7 percent, and retirements of 1 percent, creating a retention rate of 80. The employment report, compiled before 2021, also reveals that 77 percent of those voluntarily leaving jobs decided to pursue a \u2018better\u2019 employment situation.\u00a0<\/span><\/p>\n

But employee retention is more than a simple statistic. It\u2019s a measure that indicates whether your team is motivated to stay with you and deliver results for the benefit of your organization.<\/span><\/p>\n

 <\/p>\n

Why is Employee Retention Important?<\/h2>\n

Retaining your team helps your company in several ways:<\/span><\/p>\n

1. You\u2019ll save money<\/strong><\/p>\n

Estimates vary, but the cost to replace a talented team member is high.<\/span><\/p>\n