If you still need convincing on the reasons for retaining staff, think about the cost incurred after hiring a new employee. You'd include obvious costs, such as the cost of hiring and training. However, there are hidden costs too, such as the monetary value of decreased productivity and tacit knowledge loss. Retaining staff and ensuring work life balance for staff members that provide value is a priority for all organizations.
As part of making staff stick, organizations offer competitive salaries and provide all sorts of benefits, such as Gym membership. For a more detailed look at all the basic employee benefits, refer to the Employee Perks: A Must For Every Organization article. Are these perks enough? Or, do employees value one employee benefit more than another?
The truth of the matter is that employees tend to reprioritize the value of these basic employee benefits as their life evolves. For example, when an employee is a bachelor, it maybe easy for him to stay back late to complete work. Similarly, the priorities can change after marriage and even more after have a children. Suddenly, the employee would need to take off time for attending doctor appointments and may prefer to decrease the commuting time to work.
In other words, the employee would reprioritize according to the situation. This is when staff retention and work life balance is critical. Employees are known to look for opportunities elsewhere, if their lives aren't balanced. Therefore, from an employers perspective, you should look at an employers life in a holistic sense, instead of segregating it as personal and professional.
Next, let's look at the type of initiatives you can take to provide employees with a better work life balance.