Employee retention programs help you protect your most valuable assets: your people.
High turnover rates cost time and money and indicate that your organization is a stepping stone, rather than a destination.
Surveys show that each employee replacement costs about 6 to 9 months salary, considering recruiting, onboarding and training, not to mention loss opportunities and profit. You lose former employees’ knowledge and your remaining team’s productivity can suffer.
You might think you don’t have time to develop new employee retention strategies. But what you really don’t have time for is losing your best employees. Let Audax HR create an employee retention program that works.
Measure your turnover rate
The first step in creating or improving an employee retention program is knowing where you stand compared to industry benchmarks. Let Audax HR use the appropriate formulas and tools to calculate your employee turnover rate, compare it to your industry’s average and analyze your findings. Depending on whether your turnover is high or low, you can improve or maintain your rates.
Let Audax HR develop a retention program that is best suited to your organization’s needs by:
- Helping you create employee engagement.
- Creating compensation strategies.
- Improving the employee’s working environment.
- Streamlining the onboarding process.
- Improving relationships with managers.
- Encouraging personal development and growth.
- Design recognition programs.
- Improving communication and support.
- Getting creative – sometimes simple, cost-effective ideas have a big impact.
Audax HR will align your retention program with your company culture with a focus on improving employees’ productivity. “One-size fits all” programs aren’t effective, because they’re not tailored to your company’s needs. Employee retention programs come in all shapes and sizes. Audax HR will help you check in with your employees, discover their level of job satisfaction and learn what they need to boost their productivity. If you understand your employees’ interests and values, you’ll be more likely to keep them.
Retention Plan: A comprehensive Retention Plan typically ranges from $1,500 to $5,000 depending on the size and complexity of the organization, number of employees, and number of locations.
Consulting rates: $175/hour or multi-service bundle discounts available and this program is included in our Total HR Management Services packages.
Call or email for quotes or for more information on the complexity and hours projected for your specific project.