Invest in Your Employees. Grow Your Business.

It’s estimated that the price of replacing an employee can cost a company two times their base salary depending on their wage, role and experience.

Scary number, right? In a study conducted by LinkedIn, Canada ranks among the top countries in terms of employee turnover.

There are many reasons why an employee may decide to leave a company; poor communication, micromanagement, or inadequate employee training just to name a few. Losing employees can have significant repercussions on your brand, talent pool, turnover rate, and bottom line. Here’s a deeper look into why it’s so important to invest in your employees.

Maintain a Strong Reputation

Investing in your employees is a great business opportunity. By doing so you’re also raising your company’s reputation. Since companies are looking to recruit the best possible talent, having bad reviews won’t help you attract their resumes. Happy employees are valuable assets. They are the most trusted source of information about a company or business, so having them spread positive word of mouth will bring in top talent.

Create Top Talent

One of the main reasons people opt to leave an organization is the lack of learning and growth opportunities. While it’s critical to keep employees up to date with the latest knowledge and skills in your industry, it’s equally important for your employees to know that a you care about their career advancement and professional development.

A simple way to demonstrate this is by offering regular corporate training sessions for your employees. Corporate training is offered by a variety of companies and institutions, such as McMaster University Continuing Education. It’s a great way to build a team’s performance, culture and morale. Not only are you creating top talent, you’re showing employees that you value them which, over time, improves satisfaction and loyalty to your business.

Build Engagement to Reduce Turnover

Keeping employees engaged gives them one more reason to stay with your organization. Being inclusive and transparent in your operations helps them create an emotional connection with their workplace.  Try being more proactive in sharing recent business events or empowering team members to take on more responsibility.  This can have a positive effect toward building loyalty and making staff feel a sense of ownership and team spirit toward the business.

The more you invest in your employees the more employees you’ll find willing to stick around and help drive success for your business.