Retain

Now more than ever, it is increasingly important for companies to know how to retain top talent in order to have a competitive advantage.

Have you had someone leave who you wish had stayed?  Did they take their knowledge, experience and can-do attitude with them?

What you can do:

The success of your company starts with your people and it’s their experience that keeps them committed and loyal. You can build the kind of culture that keeps talented people committed. 

Many of Fortune’s 100 Best companies to Work For agree that it is not the perks and benefits that make people want to work for them.  It is building high-quality relationships in the workplace.  Their associates are motivated by the respect of their peers.

Let’s have a complementary Discovery Session, and start talking about how you can help your employees connect

  • Create a stimulating work environment where everyone feels they are contributing to the company’s success.
  • Create and maintain a company culture of collaboration and skill building

Click here  to learn more about creating a great culture and keeping your talented people.

Why is the cost so high to replace someone?

The cost of losing an employee can be anywhere from 16% of their salary for hourly, nonsalaried employees (approximately $3,300), to 213% of the salary for a highly trained position! (Center for America Progress)

So if a high trained executive is making $120,000 a year, the true loss could be up to $255,600 to the company!

1.  Training and on-boarding a new hire creates external costs or a situation of overworking other employees to make up for the people conducting the training.

2.  Advertising and recruiting costs will often cost 25-33% of year’s salary for higher level people.

3.  Time spent interviewing reduces productivity.

4.  Less effective service as a new hire learns the particular needs of your clients may lead to friction for the client and give an opening to another provider.

5.  Productivity of new hires can take weeks, and as long as 2 full years to reach the same productivity of an existing staff member.

6.  Lower engagement and productivity of remaining employees during an adjustment period.  

7.  Impact on morale and the gossip machine has people asking “Did they get a better salary?” and “What about the great opportunities at another company?

Click here  to learn more about creating a great culture and keeping your talented people.