Million Tips

Keeping Existing Employees is Cheaper Than Finding New Ones

Posted on 07. Dec, 2009 by Jeremy Reis in Career, Management

Just like tip #18, it is far easier and less expensive to keep existing employees than to find new ones. Not only do new employees cost you training dollars and lost opportunity as he gets up to speed, but losing an employee creates a vacuum of company knowledge. All of the company information learned by that employee is hard to retain and losing key employees can cause a ripple effect throughout an organization.

There are many things you can do to reduce employee turnover. Try techniques such as spending on professional development, creating an organization wide succession plan, or praising your employees.

More resources: http://guides.wsj.com/management/recruiting-hiring-and-firing/how-to-reduce-employee-turnover/

Related tips:

1. Keeping Existing Customers is Cheaper Than Finding New Ones
2. Set Goals with Your Employees
3. Companies Change, Some Employees Do Not
4. Respect Company Culture During Potential Acquisitions
5. Find ways to reward your employees

Tags: employee turnover, employees, retention, success planning