CHAPTER 7: Retention and Motivation

Why Are Employee Retention Strategies Important?

Competition within an industry takes place at every level of doing business. When
you have quality employees, you will produce better products and services. You will
also be able to sell and market your products and services more effectively than
competing companies with a weaker talent pool.
If you fail to retain your best employees, there is a decent chance that your
competitors will be able to hire them. This takes talent from your business and
transforms it into a competitor’s asset. Just as you vigorously protect your trade
secrets and intellectual property from your competitors, you should do the same
when it comes to your employees. Maintain an attractive, supportive, ethical
workplace where people want to develop their careers.