The prospect of strong economic growth in the coming years is a welcome one for the nation and the business community in particular. This could be a mixed blessing for many companies, however, if valued executives and employees see it as an opportunity to seek out greener pastures.
A report released by The Dilenschneider Group, “Retaining Your Best Employees,” tackles this issue, offering practical ideas on how to identify the workers who are most important in fulfilling your company’s mission and what steps to take to ensure they are motivated to stay on and deliver their best.
Robert L. Dilenschneider
Some interesting stats from the report include:
• Within five years, half the workforce will be made up of millennials and Gen Z-ers, people who likely won’t spend more than two years in the same job.
• 78 percent of business leaders list employee engagement and retention as one of their top priorities.
• Cost of losing an employee is equal to 20 percent of their annual salary, more if the person makes over $50,000/year.
• Top reasons for an employee leaving a position include responsibilities that are out of synch with the job description, work that is uninteresting or not seen as important to the organization, “burn out” from long and inflexible hours and lack of feedback or recognition from managers.