Whether you’re basing your budget on last year’s expenditures or planning every budget item from scratch, it’s important to review different HR needs so that you don’t come up short in the places where you need extra funds. Here are some key HR items that you should consider when planning a yearly budget.
Employee retention is a significant area of focus for most business owners. According to talent management and HR site ERE Media, “78 percent of business leaders rank employee retention as important or urgent,” showing that the average owner wants to avoid losing good talent.
There are many reasons why an unexpected departure can prove problematic for employers. It can disrupt workflow. It can have a negative impact on chemistry. Also, it can cost up to 50 percent of an entry-level employee’s annual salary to find someone to replace your outgoing employee. That’s a pricey goodbye.
Retention is a big issue that many employers want to address before their company turns into a revolving door for talent. Fortunately, Professional Employer Organizations can help your business improve employee retention. Here’s how.
Employee training is an effective way to teach new employees and develop existing workers. However, employers may be concerned about related expenses, as employee training has been estimated to cost around $1,888 per employee for companies with fewer than 500 workers.
That’s quite a bit of money, but the cost of training can be well worth the investment. Here are three big reasons why a commitment to employee training is a great financial decision for your business.