April 14, 2016
Employee retention is an important topic because companies know that the real cost of losing an employee can range from tens of thousands of dollars to twice a position’s salary.
Many factors play a part in determining costs, and they can vary depending on industry and types of position, but the most common, according to Josh Bersin of Bersin by Deloitte, include:
In a 2015 Brandon Hall Group Talent Shortage/Hiring Practices Study, 64% of companies surveyed stated that attracting the right talent was their biggest hiring challenge. For the long term, then, it pays off for a company to look for the best ways to maintain their existing human capital.
So what can an organization do to avoid high turnover and increase job satisfaction? They can look to a 2015 Brandon Hall global survey, which shows the most important factors employees think about when deciding to join and/or stay with an organization. These factors include:
Source: 2015 Brandon Hall Group State of EVP Study
No matter what overriding financial situation your company is facing that is keeping you from investing in your human capital, the fact remains that employees aren’t willing to wait for development opportunities to arise and will look for them elsewhere.
An organization with leadership in place that prioritizes the development of their employees’ capability will find it easier to attract and retain top talent. How is your organization – and your organization’s leadership – committed to investing in your human capital?
With our Undercover Candidate™ and Undercover Employee™ programs, companies can discover how well they are doing at onboarding, employee relations, and retention. The Undercover Employee Mystery Shop Report™ helps business owners and executives discover if their new-hire onboarding/training processes establish an organizational tone consistent with that of the organization’s mission and vision, measure the training and performance of front-line employees and managers, identify if employees are trained to follow company procedures and compliance practices, and uncovers the true narrative of the organization from the inside out.
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About the AuthorSince 1983, Zoe Training and Consulting has offered one-stop access to training and development resources for organizations and government agencies nationwide that want the best results from their human capital investments. We provide one point of contact for more than 60 trainers, speakers, and consultants, saving our clients considerable time and energy in researching and identifying appropriate resources.