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Quality products and services can’t be delivered without quality people. For businesses to thrive in today's economy they need to have strong stable workforce. The knowledge, skills, relationships and camaraderie that your employees posses are valuable assets. When you loose a good employee it can cost you more than you may realize. So, investing in your employees is one of the best investments you can make.
Every time you loose a good employee there are immediate and long term costs. It is estimated that it costs 30 – 50% of and employee's salary to replace them. For an $8 per hour employee that would be $4,000. But, there are other costs that you may not realize. The following is a list of some costs that you experience when you loose a good employee.
To retain good employees you need to have a strategy in place. Employee retention isn't all about higher wages and benefits. Employees need to feel successful, secure and appreciated. There are 4 key elements to a sound employee retention program; performance, communication, loyalty and competitive advantage.
Tara's founder, Marshall Richardson, has always believed his employees were the key to building a successful company. Early on, he utilized the 4 elements listed above to ensure that his employees felt connected to the company's success. Tara's company culture is our strongest asset. Employees believe in the company and work hard to maintain the high level of quality and service we are known for. Several of our employees who started with the company nearly 30 years ago are still with us. Half of our employees have been with us at least 10 years. These employees are extremely dedicated. Each year a majority of our employees earn perfect attendance awards. Despite the physical demands of their jobs, they have a commitment to the company and their job. I asked Tara's most senior employee, Ed Busam, what is it that motivated him to stick with this company for over 30 years. His response was “Marshall stood by his promise to take care of me. He has gone far beyond what I expected.” He doesn’t think he would be where he is today without Tara and we feel the same way about Ed.