To compete successfully in the business world –in any industry–successful recruitment and retention of senior talent is the ultimate goal of most progressive organizations.
The costs associated with talent turnover not only in real dollars but in employee morale can be devastating to the momentum of an organization moving forward.
Contrast that with successful employee retention, an organization can reach new heights, weather potential storms and most importantly generate substantial employee morale in which everyone benefits. This translates to huge revenue generation.relationship.three times more likely to leave their jobs within two years than those who feel they are treated respectfully.
In addition, “indifferent treatment” such as failure to recognize and reward employees for jobs well done, has an enormous impact on how employees feel and employers’ ability to retain them.
Almost 90% of employees (who are changing jobs) say that they don’t receive acknowledgement for the work that they do. The most common reason why people make a job change is the relationship with their boss.
Obviously many factors come in to play as to reasons why people make job changes more money, distance, commuting, personal factors, ambition, etc.) However the main reason why people stay or go is directly related to their relationship with their boss.
The following suggestions may be of significant value in showing respect and appreciation with regard to retention of your best people
Recognize people for their accomplishments and provide them with the freedom to use their judgment
Appreciate employees in frequent and creative ways
Solicit, listen to and act on work related ideas from employees such as input on how they can be more successful
Encourage innovation and new ideas
Provide employees with helpful feedback and coaching
Value employees as individuals and give them a sense of being included
Encourage full expression of ideas without fear of negative consequences
Listen and fairly handle employee’s complaints.
Successful employee retention is vital to the health of a dynamic organization and is completely dependent upon actions that management can take to directly impact a company’s essential resource: human capital.
Your people need to know that you care about them.