Keeping Key Talent in Your Business
Good staff retention is critical to the long term health and success of your business.
Retaining your good employees ensures customer satisfaction, productivity, profitability, effective succession planning, orga nisational knowledge and learning.
The figures around costs for losing a good staff member are “Up to 3 x Annual Salary” of the employee. Retaining good employees is a huge cost savings compared to recruiting new staff.
Tip: Conducting exit interviews with departing staff are a great source of valuable information you can use to retain remaining employees.
Here are some bullet points outlining reasons why good employees change firms:
- Clarity of instructions and role of the employee.
- Quality of management or supervision of staff.
- Confident environment to speak the employees mind in the workplace.
- Talent utilisation of good staff.
- Culture of Fairness & Equitable treatment.
- Exposure to learn and grow in career, knowledge and key skills.
- What in the work system is causing a staff to be unsuccessful?
- Environment of acknowledgement from senior management & peers.
- Core values drive recruitment, backed by quality standards.