Potential ensures organisations retain top employees by motivating them to continuously grow in the direction a company needs.
What is employee retention?
Employee retention refers to an organisation's ability to maintain an engaged, stable and productive workforce over time. Retaining employees has a raft of benefits - consistency in company culture, stronger team dynamics, savings on hiring costs and a favourable impact on reputation - all of which are highly valuable in a competitive talent market.
Organisations use a range of different strategies to improve retention including creating professional development opportunities, offering work-life balance, enhancing work environments, reducing employee burnout and increasing people's sense of belonging so they grow and develop within one organisation throughout their career.
Why do you need an effective employee retention strategy?
33%
of their annual salary is the average employee exit cost.1
90%
of managers have faced challenges finding skilled talent in the past year.2
21%
greater profitability is achieved through high employee engagement.3
42days
is the average time it takes to fill a vacant role.4
The actionable, personalised insights captured through Potential keep employees engaged by motivating them to continuously take advantage of growth opportunities and pursue upskilling pathways that align with their individual strengths and business needs.
Guiding people to embark on training and development programs where they're likely to excel helps employees feel more satisfied and reduces the risk of losing top talent, all while ensuring employers are building the skills they need.
Internal talent mobility
Using Potential organisations can cultivate a work culture of continuous learning that encourages employees to explore their ability to learn new skills in other areas of the business. By communicating clear pathways to make horizontal or vertical moves across teams or business functions, Potential helps employees see long-term career possibilities and fresh challenges that keep their work interesting.
What are the benefits of employee retention?
Reduced turnover rate
Improved productivity and profitability
Enhanced employee experience
Positive, stable workplace culture
Increased employee engagement
Retention of institutional knowledge
Want to boost your retention rate with data-led insights?