Employee Retention: A ticking time bomb
In recent years, the employer has held all the power.
With the UK emerging (or are we?) from one of the worst recessions it has seen, the one bonus for employers has been that voluntary exits by employees have dropped considerably.
With so many highly-skilled people out of work, those in employment have been content not to rock the boat, for fear of adding themselves to the hordes of talented workers who have found themselves affected by the economic downturn.
But research suggests that, by the end of this year, things will have changed.
Almost every survey conducted in recent months shows that more than 50% of employees are now willing to quit their current job as soon as a better opportunity comes along. This number is set to rise even further as this year progresses.
Which means that, for the first time in a long while, employees will have started to gain some of the power back.
In other words: If you’ve not started thinking about how much Employee Turnover could cost you, now is the time to tackle this ticking time bomb head-on.
Cracks in engagement
Many employers will feel that they are already doing something about Employee Engagement. They strive to keep their staff happy which gives them the best possible chance of reducing the potential cost of replacing their employees.
The problem is that they are often utilising a Retention strategy that is based on what they think is needed by their employees rather than understanding how each individual really ticks.
We’ve asked previously how well you really know your staff. A questionnaire or survey is unlikely to disclose the real feelings of an employee.
And, with a Smartphone in almost every employee’s hand, Social Media is exposing the cracks in many workforces as employees voice their true feelings to the world.
How much is staff retention costing YOU?
Our FREE Attrition Calculator can tell you how much your staff turnover is costing you. You may be surprised by the results.
When a (demotivated) employee hands in their notice, they are taking from you much more than their skills. The likelihood is that, due to a lack of motivation, they will have been underperforming for some time and, often, this can have a knock-on effect on other employees.
Worse still, this can often lead to others following suit and handing in their notice. All this is going to cost you major time and money.
By fully understanding the true cost of Employee Retention, you can not only save overall costs, but also ensure that you are one-step ahead in what promises to be an increasing power struggle.
Sound interesting? Our free Calculator can tell you the real cost of your Employee Attrition Rate.
Katherine Wiid is a specialist in talent management and motivation pattern recognition. She can be contacted on +44 (0)1780 484910 or by email.