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Improving Employee Retention To Build A Strong Team

YoungUpstarts

Do you pay attention to your employee retention rate and whether your top employees are happy? Continuously hiring new employees is a huge expense for a company. A 2017 report from Employee Benefit News (EBN) asserts that on average, it will cost the employer 33 percent of the employee’s annual salary to replace his or her position.

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Should Startups Focus on Profitability or Not?

Both Sides of the Table

If you hire 6 sales reps in January at $120,000 / year salary then you’ve taken on an extra $60,000 per month in costs yet these sales people might not close new business for 4-6 months. So your Q1 results will be $180,000 less profitable than if you hadn’t hired them. What did they actually do?

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Effective Management Techniques to Reduce Employee Turnover

The Startup Magazine

Perhaps it won’t be wrong to say these staggering numbers are a wake-up call for organizations to take employee retention seriously. Hire the Right People One of the most effective ways to reduce employee turnover is to ensure that you are hiring the right people for the right job.

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A step-by-step guide to HR outsourcing

The Startup Magazine

Your human resource activities can be outsourced to: Independent HR consultants are professionals who can assist you with hiring, HR policies, and other decision-making. Finding and hiring new talent is one of the most important tasks for any HR department. To Whom Can You Outsource HR Tasks? Payout processing and accounting.

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How To Keep Your Company Alive – Observe, Orient, Decide and Act

Steve Blank

How can you shift focus to customer retention versus acquisition? Before layoffs, cut all salaries by 20%. Cut CXO salaries by at least 30%. Award equity to employees equal to the value of their reduced salaries. Or if you have sufficient cash, now is the time to hire great people who were never available.

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How to Build a Winning Team: Strategies for Employers

The Startup Magazine

Transparent Pay and Benefits To combat ‘quiet quitting’, a phenomenon where employees disengage from their work without formally resigning, consider aligning salaries and pay structures with hard work by offering bonuses or raises to retain valuable employees.

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Follow This Six-Point Checklist To Strengthen Employee Onboarding

YoungUpstarts

Sure, they may hand out a few training booklets and introduce new hires to the team, but successful onboarding goes much deeper than that. When organizations fail to implement such a strategy, new hires slip through the cracks. These companies also see a 69% boost in new hire retention. Align all the Departments.

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