Do You Attract and Hang On To Employees?
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Employee retention is a key issue for all companies. It is important to plan for turnover pressures and consider implementing a formal employee retention program.
Why is employee retention a hot topic for 2008?
- Gen-X, Gen-Y and Millennials are a mobile group. According to a survey by Manpower subsidiary Right Management in 2007, 61 % of college students and recent grads plan to stay no more than three years in their first job.
- Boomers are starting to retire. The huge loss of knowledge workers forcasts a potential shortfall in 2010 of 10 million workers by the Labor Bureau.
The Bureau of Labor Statistics estimates the cost to replace a worker in private industry to be $13,996. Add on the that the value of lost knowledge and we’re talking real money.
Finally, consider this issue from a MARKETING point of view. Employee retention should be a critically important issue for any company’s marketing plan. Simply stated, employees are (or at least, should be) any company’s number one brand ambassadors. Every single employee of a company is an invaluable marketing asset, growing in value each year they are with a company. Employee turnover is MORE than an administrative cost. Employee turnover literally drains a company’s marketing budget. Now, that’s an attention-getting concept.
So, plan to deal with the factors affecting turnover in the near future. Talk with Boomers who may be considering retirement soon. Develop plans to allow these valuable workers to move into new roles, where their knowledge, ambassadorship and mentoring skills can be utilized in flexible and mutually satisfying arrangements. Recognize what is important to Gen-X, Gen-Y and Millennials; develop a culture of recognition and appreciation, offer work-life balance, involve workers in decision-making and be sure to schedule and budget just plain FUN. Check out www.EmployeeRetentionStrategies.com for more information. Forward this to your Marketing Director and tell her/him that you want part of the company’s marketing budget to go towards employee retention! It all about marketing!