People.....Performance.....Planning.....Possibilities
Retention
Retaining employees, especially key managers and staff, is crucial to the longterm success of your business. The loss of knowledge and talent coupled with the cost of recruitment, training, loss of performance and customer impact, can have a devastating impact on a company’s bottom line and morale.
Questions:
If retention is good, then turnover must be bad?
How do you know if you are doing a good job with retention?
What are the most critical factors influencing your retention rate?
How are you calculating retention/turnover?
Who is monitoring?
Who is accountable?
Analysis, Development and Implementation
Our experience and objectivity provides you with a unique perspective from which to better
understand the positive and negative dynamics impacting your customers and employees,
build a workable, cost-effective plan, then work with you through implementation.
Where to begin?
Look at your hiring standards and practices. Even if the candidate is the most experienced
and qualified, he/she may be the next to leave. Stop the bleeding. stabilize the situation,
then begin treatment.
Cost of turnover estimates, which may include loss of productivity, training costs, customer service impact, reduced employee morale, etc., range from 25% to 200% of the employee’s annual salary and benefits. The actual cost will vary, dependent upon position
and industry.
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