Employee retention is a big deal for small businesses because people who stay tend to contribute to organizational growth. Moreover, retaining employees is more challenging than hiring them, making it critical for small companies with limited resources. Not surprisingly, 93% of business owners stress about retention rates.
According to the Bureau of Labor Statistics, employee turnover in the US averages 4.1 years. That’s not an encouraging number for companies spending thousands to hire and train people. When you invest in employees, you expect them to stay forever. Unfortunately, the employee attrition rate in 2021 was a staggering 47.2%.