There’s nothing more frustrating than training a promising new employee only to have him or her leave three months later. Or worse, to guide and mentor an employee for a year or three, only to have them jump to a competitor.
With effective employee retention practices, you can develop your employees’ skills and build their loyalty so they’ll want to stay with your company for the long term. There are several aspects to employee retention, and correctly executing on them will create loyal employees who’ll stick around for years to come.
Top Rated HR Software Solutions to Improve Employee Retention
If you want to improve employee retention, you’ll need an HR software solution. Here’s the best options.
- Gusto – Best for your first 50 hires
- Namely – Best for businesses that have outgrown basic HR solutions
- BambooHR – Best support for a small in-house team
- Zenefits – Best for hands-on HR administrators
- Freshteam – Best for shortening your time to hire
You can read our full reviews of each HR software solution here.
What is Employee Retention?
Employee retention is having employees stay with your company beyond the short term. A company with poor employee retention will have high turnover, with people constantly leaving for various reasons. It can be due to poor company culture, a hostile work environment, pay that is below market rate, forced overtime, bad management, unclear expectations, or one of many other reasons.
Exceptional employee retention creates loyal employees who stick around long-term and want to continue working for your company.
The Basics of Employee Retention
Now that the definition is covered, it helps to fully understand the six core components of employee retention.