Jeffrey Mosher discusses Employee Retention with Erin McKenzie, manager of the BRN, (Business Resource Network), CAMW!'s MVP for July 2019.
To hear Erin and Jeffrey discuss employee retention, click play on the PodCast shared below.
What is employee retention?
Simply, employee retention is a company’s or corporation's ability to find and keep employees. Physical, mental and financial health are all crucial to maintain or improve retention.
Why does employee retention matter?
Employee turnover is expensive. The cost of opening a position, interviewing and training a new employee could be $3,500 or more. It pays to care about employees’ health and wellness. When an employees’ needs — childcare, transportation and more — are met, they are able to be more successful at work.
What can companies do to improve employee retention?
One of the most important things you can do for your employees is to listen to them. Send out surveys or host a focus group that explores your employees’ needs and wants in the workplace. Additionally, consider implementing programs and policies to increase employee retention such as:
● Offering employees the flexibility to work from home a few days a month.
● Discussing paid time off to create an environment where employees feel comfortable taking time to rest and refresh.
● Developing wellness programs to encourage physical health.
How can CAMW! help with employee retention?
One of our main goals a Capital Area Michigan Works! is to help employees stay happy and healthy in their work environment, while also helping employers find and keep good employees. In late 2018, CAMW! developed the Business Resource Network whose sole purpose was to focus on exactly that. The BRN is a business strategy bringing together local companies that aim to increase job retention and job productivity among their staff. BRN offers success coaches to companies in the capital area to will meet with employees who may be facing individual challenges, connecting them to resources or additional assistance.
What type of employers qualify for CAMW! services, including BRN?
We support all employers in a wide range of industries. Employers must have an active account on the www.mitalent.org website, which requires a federal employer identification number and an active email address.
How can companies get in contact with the BRN?
To learn more about the resources the Business Resource Network offers, contact Erin McKenzie, manager of the BRN, at (517) 492-5518 or email@example.com