If you have employees constantly coming and going, your business is probably not optimized to keep your employees long term. It can entirely depend on your business model, but there are many reasons you should keep your employees for as long as possible.

First, you’ll spend far less time looking or interviewing for replacement employees. You want to focus on interviewing employees when your company is in an excellent position for growth, not when you’re just keeping up with the turnover. Also, hiring for mid- to high-level employees takes quite a bit of time, considering you’ll have to identify candidates who are qualified.

Second, finding the right candidates still brings significant costs with training. Your company has a lot of intricate details they need to know to perform well, and retaining employees with specialized roles can especially lower this cost.

Third, high turnover can cause your team to lose morale — and never underestimate the cost of lost morale and productivity. When you’re constantly worried about losing your job, you just don’t perform well. It’s even tougher when friends are among the fired employees. When you’ve got to let people go, you can be more profitable if you keep morale in mind when you strategize. Remember, disengaged employees cost the U.S. economy up to $550 billion a year.

If you’re an AFEUSA member, though, you can keep morale high with new benefits! Our partnership with BenefitHub makes it easier for your employees to receive exclusive discounts for travel, entertainment, restaurants, health and wellness, mortgage refinancing, electronics, and much, much more! Join AFEUSA today and become part of our family of successful, thriving business owners nationwide.