One of the most important jobs of company leaders is to retain their workforce. It is a well researched fact that people stay because of the relationships they value at work. The most important relationship in the workplace is with your boss.
I am currently consulting with the executive team of a company. Retention is a major focus of the new strategic plan. A number of valuable employees have left the company because of the "bad behavior" of several top leaders. The leaders are working on improving their emotional intelligence and most importantly empathy.
Are you building solid relationships at work? Do people believe you care about them?
Even in a slower economy which is in a recession, attracting and keeping top talent is a serious concern for corporations. The problem is exacerbated by a growing propensity for people to change jobs frequently.
The problem is one of getting qualified and talented people into the right jobs and keeping them there. HR professionals, managers and CEO’s are all searching for what they can do to keep their good, talented employees.
Some organizations are turning to retention bonuses to attract and retain talented people. There are also reports of an amazing array of perks and benefits offered to make employees’ lives more comfortable. Some organizations offer dry-cleaning services, car-detailing, concierge services to run errands, child-care, pet-sitting, gym programs, and chair massages.
But you can’t buy love. Throwing money or gifts at people isn’t enough to keep them. If they don’t like the company, the people they work with, the boss or the way that they’re treated, they will still leave.
Finding solutions to employee retention means more profitable companies, happier, more productive employees, more satisfied customers, and ultimately greater stock value.
Losing employees is very expensive. Studies have found that the cost of replacing lost talent is 70 to 200 percent of that person’s annual salary. Expenses include recruiting, orientation and training, lost productivity during that period, and lost customer satisfaction because of the change. Finding and training the best employees is a major investment.
What can a company do, once they have found talented people and given them valuable training, to prevent them from walking out the back door and going to competitors?
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