The Importance of Employee Retention

Ed Wyeth

“Employee turnover can have negative impact on an organisation’s performance. By understanding the reasons behind staff turnover, employers can devise recruitment and retention initiatives that reduce turnover and increase employee retention.” CIPD.ie.

Companies in years gone by didn’t worry about employee retention as it was the cultural norm for people to stay in their first job for their full career and if they did change job they did it very few times. Times have changed since then. With expectations being higher due to the tech industries cultural norms that have developed in recent years, it means the onus is on companies to now provide a variety of perks and benefits that support their staff members and improve culture.

For example here is a list of some of the perks we have listed on one of our job opportunities:

  • Competitive salary

  • Sponsored training/certification opportunities

  • Sponsored Magento community/event participation opportunities

  • Sponsored ongoing agile coaching and mentoring

  • Flexible career path options - Monsoon Consulting is a rapidly expanding digital agency, with locations in Dublin, London and Kiev

  • Collaborative working environment with a young and energetic team

  • Company contributed voluntary pension scheme (including Income Protection) and group health insurance

  • Bike to work scheme

  • Team-building and social events

  • Sponsored Gym Membership

As One4all are one of our clients we have developed a very good relationship with them and learnt about all of their offerings. If you are looking for another type of incentive to provide your staff we have used their ‘Tax Free Gift Cards for Employees’. Under the Government’s Small Benefits tax exemption policy, businesses can reward their staff up to €500 once per year completely free of tax, PRSI and USC. With One4all Rewards, you can offer your staff tax free gifts on an ongoing or annual basis, saving up to €653.65 per employee. Check out their website for more information.

Monsoon Consulting’s team is growing and things are going to be very busy in 2019 and beyond therefore it is important for us to attract and retain the best staff we can. It’s for this purpose we will be focusing heavily on keeping the company culture we have worked so hard to create and ensure this is something we continue to work on as we develop. You can check out our careers page here if you would like to see the roles available.

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As the workplace is somewhere we spend most of our days, it makes a huge difference to our overall happiness if it is somewhere we feel ‘right’ in. A company culture which chimes with our own personal value system is more likely to lead to a shorter bedding in period after joining the company, greater feelings of loyalty and a more authentic work experience.
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BusinessandFinance.com
Ed Wyeth

Ed Wyeth,

Chief Financial Officer

Ed is our Finance Manager, responsible for the day-to-day administration of the Company.