for Retaining Employees
If you’re like most employers responding
to opinion surveys today, finding and keeping competent workers
is your major challenge. Employee turnover is costly, causing workforce
instability, reduced efficiency, lower effectiveness, and negative
impact on the bottom line. While everyone agrees that turnover is
a problem, there seems to be a reluctance to invest resources to
retain top talent. Part of this hesitancy comes from a sense that
counter-turnover efforts really don’t make a difference; people
Ignoring employee turnover won’t make it
go away. The risk of doing nothing is great. The loss of customers,
supplier confidence, investor support, and employee morale can be
very expensive. Can you put a value on these costs? What does it
cost when you lose a valued customer because you can no longer provide
the level of service, expertise, or reliability demanded in today’s
Some business leaders are reluctant to invest very
much in building retention because they fear it might be disproportionately
expensive to keep people. However, an increasing number of employers
are finding ways, usually inexpensive, to hold the interest—and
the loyalty—of their people. As employee retention specialists
for over a decade (Roger wrote the seminal book in the field, Keeping
Good People, in 1990), we have collected a treasure chest of best
practices. We share them with you here in hopes that you will learn
and be inspired to make a difference in your organization.
In our research, we have found many companies that
do some unique things to attract, optimize, and hold their valued
employees. Others engage in more common practices, but do them well.
Some approaches may seem a bit out of the ordinary, but that’s
what helps position those companies as Employers of Choice. To be
chosen by the employees you want is a worthy objective, especially
when your competitors are eager to hire the same people.
Every day we learn about another company doing
good things for its people. Those employers who want to earn the
respect, gratitude, and loyalty of their people will continue to
develop new ways to demonstrate their support of valued employees.
Their initiatives will give them a competitive edge—in keeping
current employees and in attracting others of the same caliber.
What will you do to build the dedication and longevity
of your employees? There are no limits.