Building an Employee Retention Pool
From MHI Solutions
Employee turnover is costly. Losing one link in the chain of your operation can be quantified not only in the time it takes to replace that person, but that in which it takes your new hire to get up to speed. It’s a bill that can run anywhere from 50 to 400 percent of that staffer’s salary, according to the Society for Human Resource Management. Yikes!
Unconcerned about losing your best and brightest? A recent survey by the Tompkins Supply Chain Consortium says you might want to get it on your radar. Its respondents anticipate a significant level of employee turnover in the next 18 months. And the reasons behind it may surprise you.
Employee dissatisfaction stems primarily from what they perceive as lack of recognition; at 43 percent, it is the No. 1 reason respondents cited for voluntarily leaving a position. Also contributing: internal politics (35 percent), lack of empowerment (31 percent) and dissatisfaction with supervisors (31 percent).
So how do the decision-makers stem—or even better, prevent—a talent hemorrhage in their organizations? Fear not. There are myriad ways in which to not only keep your best people happy but to attract more—and even help create new employees for the benefit of the entire industry.