Keeping your best workers keeps your business successful

As a business owner, you are competing for the best workers in a tight labour market. Good employees are worth keeping, especially when there’s a shortage to replace them.

Turnover can be very expensive with cost estimates ranging as high as 200% of the annual salary of a departing employee. Strong HR policies act as a retention strategy and can help you save money and your top performers.

How does vacation time work?

One of the biggest factors in keeping your current employees is strong HR policies. HR works as a retention strategy and ensures you have the right processes to create a culture and workplace that employees want to stay in.

Consider including the following in your HR policies:

  • Providing stimulating work
  • Work-life balance
  • Training managers to respond to employee issues
  • Staff safety and mental health
  • Updating employee handbooks

All the above helps you reduce turnover and save money in the long run. And you must review and keep them updated. Legislative changes occur annually, and meeting standards promotes a culture of support.

Can HR really help retain employees?

Formal HR policies are the difference in keeping your employees. They help you avoid disputes and legal claims. They also ensure you follow ESA best practices regarding workplace conduct or salaries & payroll.

And when it comes to salaries, you mustn’t look at them as a cost. By not paying what the position is worth, you are encouraging turnover. This is costlier over time and reduces motivation among staff.

These are some ways HR helps reduce turnover and saves you money. If you need any help with building strong HR policies or just have a question, call our friendly experts.

Get expert support to reduce turnover

Creating HR policies helps your business run smoothly. Clear handbooks improve communication and set expectations. And together, they work to reduce turnover and support your business’s growth.

If you need help building robust HR policies, call our dedicated employer advice line to speak with our HR experts anytime at 1-833-247-3650.