Small Business Employee Benefits and HR

Employee turnover , costing businesses six to nine months’ salary on

 average. Savvy employers recognize that keeping their people means more than just delivering paychecks on time. Businesses can support their employees 
When businesses experience high turnover, they need to find out why. Some turnover is inevitable as people move away, move up, or simply move on; however, a business that’s seeing high numbers of people coming and going should dig into what’s causing the company’s revolving door.

Do you know your business’s retention rate? Knowing where you stand is crucial to developing an effective retention strategy. (By the way, 85 percent or higher is considered a healthy employee retention rate—read about more reletion ideas for small businesses.)

Once you know your company’s retention rate, you can create strategies to improve it—for example, conducting regular one-on-one talks with employees to offer feedback and gauge how they’re feeling about goals and expectations. Employers should also consider tailoring employee benefits, such as health insurance, to the individual rather than offering a one-size-fits-all package.

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