what-does-staff-retention-really-mean-for-businesses-today

What does staff retention really mean for businesses today?

Cloudstaff has always understood the value of staff retention in outsourcing, not only for our customers, but also our staff. We have been leading the outsourcing field with a staff retention rate of 98%. In an industry that typically has a transient workforce, we are proud to recognize a number of employees that have contributed to the company’s success for over 10 years.

In years gone by, it was common for people to work with a single company right up until their retirement, but nowadays, job hopping has become commonplace, with the workforce of today always looking for the next thing. 

According to the study by the U.S. Bureau of Labor Statistics, the median number of years that average employees stay with their current employer is 4.1 years. Older employees tend to stay longer (9.9 years) compared to the younger ones (2.8 years). 

For organizations with high staff turnover, having reliable and loyal employees is extremely valuable. But still, finding great dedicated staff is a real challenge. 

Why having a high retention rate matters

Many of Cloudstaff’s customers start with small teams of between five and ten staff. In smaller teams, losing a team member that you have trained can be very disruptive and increases the cost of your workforce. Retention rates are often overlooked when a company engages an offshore workforce, however, it is really a vital statistic to take note of. 

High staff retention rates speak volumes about the working conditions and culture of a company, but it is even more vital in the outsourcing industry and has tremendous value to the customer. A stable, dedicated team who are invested in a company will work hard in the best interest of the company and remain loyal, returning amazing results and achieving great things.  

Here are a few reasons why it’s important to value your people and invest in staff retention strategies. 

  1. You build a team of professionals with strong knowledge base

Staff who have stayed with a company for many years know and understand well the company’s products, services, as well as its culture. They have a great deal of knowledge about the things that work and the things that don’t. They are able to develop solid expertise and proficiency as they perform their duties and responsibilities daily. This leads to fewer errors and higher levels of productivity.

Of course, a long-term career also comes with challenges, but rather than walking out, dedicated employees choose to stay and will even help your business bounce back during difficult times. They acquire knowledge from experience and this can be a real asset to a company. 

One of Cloudstaff’s 10-year service awardees and a business analyst, BryanS, said, “It has been a journey of continual growth over my 10 years with Cloudstaff. There are always challenges and times where you need to step up. Cloudstaff has always been supportive during those times by providing training and helping us develop our careers.” 

  1. It signifies your company’s stability

One factor that often drives employees to look for another job is an unstable work environment. But for an organization, employees quitting their jobs can cause disruption in your workflows and processes because you have to spend time looking for a new hire to fill that role and retraining them to get them up to speed.

Aside from a growing revenue, a stable company looks after the welfare of its employees as well. They promote a great workplace culture which helps build confidence and trust with both customers and employees.

AnnF, who has been an executive assistant of Cloudstaff’s CEO for a decade, shared one of the many reasons why she remained loyal to the company:  “Cloudstaff’s leadership team has built a family-oriented company culture and has been committed to building the number one workplace in the Philippines. It’s a place where people love to come to work each day”. 

Cloudstaff’s culture promotes hard work, togetherness and personal and professional growth. Cloudstaff rewards its hardworking and dedicated staff by providing career opportunities and a chance to continually evolve and become the best they can be while having work security and a balanced life. 

  1. You get an invaluable support team

Every time you hire new staff, you also need to onboard and train them. This is where long-term employees can step in and help. They can provide the support that new employees need. When they struggle with certain tasks, the more experienced ones can assist them to resolve issues quickly, saving a lot of time for everyone. 

Senior staff are also able to pass on their knowledge to your junior staff, which helps promote innovation and further growth in your company. “It’s about sharing your legacy, your knowledge, and experiences, especially to the young people who are starting their career and want to be successful as well,” said BryanS.

Cloudstaff heavily invests in staff’s professional development. With the more skilled and experienced staff leading the teams, everyone can better understand the work that they need to do and accomplish. 

For ReoM, Cloudstaff’s Software QA and BA Manager for the Hub Development Team, it’s all about becoming a better leader. “I’d like to inspire my teammates to become better versions of themselves with their skills. In return, that’s going to impact the way we deliver the products and services that we offer to our end users,” he mentioned.

Cloudstaff: Advancing to the Next Chapter

Job longevity is often mistakenly associated with not having a great meaningful or rewarding career. At Cloudstaff, we could not disagree more. We believe that a career at Cloudstaff is an exciting, dynamic and challenging journey where hard work is recognized and rewarded. Where training and opportunities ensure that our staff grow every single day and, more importantly, staff are a part of something bigger – “The Cloudstaff Family”.   

“When people love what they do, a decade of hard work can feel like just a brief moment. I’m elated and fulfilled to still be part of Cloudstaff’s success for the last 10 years and counting. Being part of Cloudstaff’s growth is a significant milestone and I feel that each and every time we open a new office.”
AnnF – Assistant to the CEO

“Working in a company for 10 years is not a walk in the park. There will be highs and lows in one’s career. But what’s truly important is to, always be hungry for knowledge and improvement, challenge and surround yourself with people that could bring a positive impact in your career, but most of all, enjoy each moment, whether positive or negative, because those will help shape you into what you want to become”. DianneZ –  Business Analyst. Cloudstaff is committed to building a workforce of the very best staff and keeping them. We are proud of our amazing staff and the value they add to our customers. For businesses looking to build a team of highly skilled professionals, our outsourcing experts are always available to help. We’ve been setting up teams of outsourced staff in the Philippines for over 10 years for companies of all sizes. From helping you get started, to fine-tuning high-performance teams, we are always happy to share our experience with you. Speak with us today.