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Why you need to calculate employee retention rates

When it comes to employee retention, business owners and HR departments need to track specific metrics to make sure the organization isn’t losing employees to other opportunities at too high a rate. By tracking specific statistics like employee retention rates and turnover costs, you have a clear way to measure the effectiveness of new HR initiatives, such as a formal onboarding program or starting to offer health benefits.

This is especially true for small businesses that rely on a small number of employees to keep their business running, and may not have the budget to offer salaries that can compete with larger organizations.

This article provides an overview of how to calculate your employee retention rate, why employee retention strategies matter, and a best practices checklist for employee retention.

Short on time? Download our full employee retention guide to read later



This post first appeared on Small Business Employee Benefits And HR, please read the originial post: here

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Why you need to calculate employee retention rates

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