Employee Retention

“He is well paid that is well satisfied.”    - W. Shakespeare

Did You Know?

• 40% of the current work force is made up of “Baby Boomers”.  The oldest of which are 60 years old and beginning to retire or redesign their place in the corporate world.  There are not enough skilled workers to replace them.
• To remain competitive you must acknowledge this impending “employee drain” and how it may impact your organization – then begin to implement necessary measures to minimize the negative consequences for your company.
• Statistics say it costs (at a minimum) 100-200% of the annual salary to replace each departing employee.  Those costs are increasing given the competitive environment for talent.
• Research reveals that while pay and benefits matter, you can’t count on money to retain talented people who have employment options.  People don’t leave jobs, they leave bosses.
• Talent is the differentiator in business: It separates you from your competition and ensures your company’s place in the future. 
• The talent shortage is expected to last for at least the next 15 years.  There will be an estimated shortage of 10 million workers by 2008 and 40 million by 2015 (assuming 2% economic growth and current retirement conditions).
• Good employees don’t even have to leave their desks to find new jobs.  The most popular log-on time for job-search sites is between 9 and 5.
• “If you don’t start early enough in preparing for this talent drain, you’ll reach a point where no matter how much money you throw at the problem, it won’t be enough,”  (According to M.S. Rogers in Capital Management at IBM).

Retention – It is much more profitable to your organization if you are able to retain the good talent that you have in your current employees.  Many times employee turnover can be avoided if conflict, dissatisfaction, lack of productivity, etc. are addressed appropriately while that employee is still employed.  Don’t minimize or ignore these “opportunities” for intervention.  It is much less costly to finances and morale to maintain an attitude of prevention and be willing to interrupt patterns of loss when they happen.  They usually “never” go away on their own.  Let me assist you in interrupting and redirecting those patterns that are negatively affecting your bottom line. My goal is to address and resolve negative workplace dynamics that have been detrimental to the retention and effectiveness of the employee and/or the corporation.

The keys to retaining talent are well researched.  Most of them lie within the manager’s control!!