|
When a company goes into the market place in search of its talent, it does so intending that decision to be a reasonable investment decision. So what happens when your new employee cuts your investment down by leaving?
One of the worst conversations a manager can have with a good employee is the one where they are telling you they are leaving your company. From there, the degree of severity usually only gets worse! You can usually measure your depth of depression in direct relationship with the following:
If we know the costs and pain of such a loss can be so dramatic, why do we spend so little conscious time on the retention issues? When we know that the key discernable difference between us and our competition is likely to be the people who work for us and what they produce, it seems obvious that we try and keep the best after going to all the trouble to get them in the first place.
Again, understanding why people are more likely to leave you is the best starting place to correcting possible issues. However, the amount of businesses that don’t conduct any type of reasonable exit interview let alone an in-depth and independent one is quite staggering. Wouldn’t you expect people want to know how to stop this happening?
You probably already know why people leave your business. It may however surprise you to learn that most studies indicate the primary drivers are often not about pay. Good people can usually attract the type of pay they want across the breadth of the market place they work in. After all, they ARE good people! The most common reasons given usually revolve around:
These are all areas that can be actively managed through improved communications and focus. Ironically, they not only force good people to move from their job to another company, but provide you with one part of the information jigsaw. It is an immediate indicator that not all is right. You may wish to look at other indicators such as absenteeism, productivity rates, workers’ compensation issues, and employee grievances along with turnover to understand that something is very wrong here.
It’s important to remember the greatest investment still remains in the relationship between the employee and their employer. Investment in your talented employees through this relationship seems logical. What’s probably more logical is that you should invest in everyone you’re connected with, talented or otherwise. After all, you got them to join. How hard is it to keep them?
Source: www.australiahr.com.au
|
|
|
|
News and Tips >
The Retention Dilemma - the Cost of NOT Keeping Good Employees.posted Sep 7, 2010 8:51 PM by Lisa Russell [ updated Sep 7, 2010 9:00 PM ] |