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Why employee retention is important in the construction industry

Homebase

That’s why employee retention is important, especially in the construction industry. As of 2021 , the construction industry had an average turnover rate of 68%—higher than most other industries, where the average hovers between 30-40%. What is employee turnover? Employee turnover is when workers leave the business they work for.

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Want a Career in Human Resources? Your In-Depth (2023) Guide

Analytics in HR

Employee relations: HR provides accurate and timely information to employees to build good working relationships and boost employee engagement and retention. HR analytics : HR gathers and analyzes employee data related to employee performance, engagement, turnover, and other relevant metrics to make strategic decisions.

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Budget for Employee Engagement: 7 Tips for Setting Your Budget

Terryberry

Luckily, there are still some guidelines everyone can follow to ensure they're setting the right budget for their needs. Here, we'll create a general guideline for creating an employee engagement budget and initiatives to consider. However, in general, a retention rate above 80% is often considered good.

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Best Employee Retention Ideas You'll Read in 2020

Vantage Circle

The cost of Employee Turnover goes farther than it appears. Apart from the cost of finding a replacement, hiring, and training, there are hidden costs involved such as the impact on productivity and team morale. Employee retention, therefore, is the top priority of HR managers everywhere. Hire “Cultural Fit” Employees.

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Employee Engagement During COVID

Affinity HR Group

Higher engagement also results in lower turnover which is a crucial advantage in today’s tight labor market. We offer several services which may help such as assistance to develop a plan to handle employee issues, recruiting, team-building, behavioral assessments, and compensation market reviews.

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New Hire Orientation vs. Onboarding: A Complete Guide for Employers

HR Lineup

Policies and Procedures: Familiarize new hires with the company’s policies, such as attendance, leave, code of conduct, and other essential guidelines. Team Integration: Encourage new hires to interact with their team members and other colleagues. Explain any specific procedures they need to follow.

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How HRs Can Help Create a Positive Work Culture?

Hppy

This, in turn, leads to improved productivity and reduced turnover rates, benefiting the company’s bottom line. On average, turnover due to poor culture-fit can cost an organization between 50-60% of the person’s annual salary. They help maintain open lines of communication and positive work culture during testing times.