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It’s cheaper to retain employees than to replace them

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in Centerpiece,Leaders & Managers,People Management

by David Peasall

I love my job signIt can cost 25% of an employee’s annual compensation to replace someone who leaves your organization. And that doesn’t include the indirect costs of lost productivity while you look for a replacement, lower-quality work by the newcomer as he or she ramps up, lost client relationships, lost revenues, deterioration of em­­ployee morale and even increases in on-the-job injuries.

It’s clear that reducing employee turnover is a smart management strategy. Here are six ways to do that.

1. Hire for attitude as much as for experience. You’ll have to worry less about retention if you hire people who are good fits their positions. That means considering applicants’ qualifications beyond their ability to perform specific tasks. You can always teach skills, but you can’t teach the right attitude.

The best employees are not just able, they’re willing to do the work. If you’re lucky, they’ll be enthusiastic about it. They ...(register to read more)

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