Employee Retention
Today’s employee is never out of the job search market. They are always looking for the next opportunity to move up in either your company or somewhere else. They think that two years in one job or five years with one company is an eternity. They have the choice of where they want to work and have very definite opinions on the environment they will accept. Economics may temper their mobility for a time, but they will make up for it when circumstances improve. Companies lacking well-developed employee retention strategies backed with leadership’s sincere commitment to the process will be the market losers. Retention strategies are not a passing fad; they are a critical element in your company’s overall Talent Management initiatives.
The cost of losing key talent can be both financially and organizationally devastating. Direct replacement costs alone can be more than double the employee’s annual salary and that does not include the costs of replacing the other people that follow your top talent out the door. When key talent leaves, the critical institutional knowledge that has been foundational to customer and vendor relationships, rising productivity and customer loyalty often goes with them. And, when key talent walks out the door they usually take information about your business strategies, your future products and your trade secrets with them; most often to your competition.
Leathers Milligan management consultants can help you reduce voluntary turnover among your key talent by creating employee retention strategies that fit your both your business culture and your business goals. We can help you understand what these employees expect from you, what makes them want to stay with you and what will make them leave. Leathers Milligan consultants can assess your current talent to find their level of engagement and satisfaction and then assume the leadership role in the development of integrated employee retention strategies that typically consider the role of influencing factors such as; total rewards and recognition, compensation structures, working conditions, information sharing, training and educational opportunities, defined career paths, advancement, flexibility and work-life balance as important elements in the total solution. The best way to grow and prosper is to acquire and retain a team of highly skilled, highly motivated and high potential people in the key positions throughout your company, and the best way to do this is to have well thought-out, targeted retention strategies aimed at your key team members. The data from industry studies consistently support the notion that formal retention strategies are one of the most effective tools in the war against unwanted turnover.
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