We spend a lot of time developing strategies to find the best and brightest potential candidates. But let’s not miss out on some low hanging fruit - retaining the superstars we have on board.
We need to ask ourselves some important questions if we want to excel at retention. Are we properly training our new employees and getting them integrated into the team? What’s our leadership culture? Are we listening to what they are saying? Do we have competitive benefits and compensation? The list could go on and on.
What we really have to do is to ensure we are showing people they have value and are important members of the team - that we are truly better together. Then, retention will fall into place.
Retention/turnover was the top workforce management challenge cited by 47% of HR professionals in the SHRM/Globoforce survey Using Recognition and Other Workplace Efforts to Engage Employees. Key reasons a focus on reducing turnover makes sense: Turnover is costly. Unwanted turnover affects the performance of an organization. As the availability of skilled employees continues to decrease, it may become increasingly difficult to retain sought after employees. Turnover costs can have a significant negative impact on a company's performance; however, not all turnover is harmful. For example, a new replacement hire may turn out to be more productive or more skilled than his or her predecessor.