Written by Garret Woynarski on January 27, 2015
Employee retention is presenting itself as the number one focus of small to medium sized business owners and corporate executives in the current year. In 2013 The Conference Board CEO Challenge Survey listed human capital as the main focus of Executives, surpassing corporate reputation, government regulation and even customer relationships.
Staggering survey results can suggest that only 29% of employees are actively engaged in their position (2007 Gallup Management Journal). So is it the actual work that is repulsing these budding employees or is it the lack of human interaction and support?
We can all think back to the reasons why we left a previous workplace and even I myself have left a position due to lack of cohesion and interaction from superiors. The work was perfect; the human connection was a ‘developmental area’ that was overlooked.
When a top employee migrates to another company, they take their skill set and knowledge base with them. Your investment into their training, continuing education and client-interaction capabilities have just vanished. How is that for return on investment?
By planning your retention strategy for all levels of your company, you are ensuring corporate longevity and sustainability. Retaining an existing high performing employee affords continued productivity and eliminates the consumption of time and financial resources to seek out and train new employees.
Intellectual capital. It’s in the people surrounding you, now to retain it.