Recent data shows that on average employees change jobs every 15 months. Contributing to this turnover is a lack of employee satisfaction in the workplace. Globally, 85% of employees are unhappy at work, resulting in diminished productivity and increased employee churn. Furthermore, survey data shows that 40% of dissatisfied employees change jobs as a result of their dissatisfaction.​
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Top employers understand that replacing employees is expensive and can thwart efforts to innovate and grow revenue. In fact, it can cost up to a third of an employee’s salary to find a replacement. And while employee turnover can cost a company greatly, employee retention can increase profits as well as provide a host of other benefits.

Reducing costs and boosting revenue makes employee retention a win-win. Improve employee retention rates this year by investing in your employees in six critical ways: 

Cost cutting is the benefit most often associated with outsourcing. Subsequently, business leaders looking to reduce expenses may jump at the opportunity to move costly functions to third-party vendors without regard to the numerous ways that outsourcing can be advantageous to other areas of the company. However, it is important to recognize that while cost savings may occur, this is not the only benefit of business outsourcing. In fact, cost cutting may not even be the biggest benefit. 

A guest post from our colleagues at CFO Selections:

When adversity hits, the knee jerk reaction is to swiftly cut spending across the entire organization, but that response is a mistake.

Strategic cost cutting can keep a business going through tough times, but it must be approached with long-term value in mind. Reducing costs should abide by three essential principals:

1. Do not cut anything that is required to sustain daily business operations
2. Do not cut costs anywhere where the long-term effects will outweigh the short-term benefits
3. Do not cut anything that will cost more to replace later

​Evaluate your spending and determine where you can cut costs to weather tough times while still protecting critical functions, minimizing long-term expenses, spending where it could end up costing more not to do so, and looking for opportunities to reduce waste. 

​Are consultants simply someone who “borrows your watch to tell you the time?”