CFN – A few years ago when working in an industry with traditionally high turnover, I read a book called “Love’ em or Lose ‘em”, Getting Good People to Stay. The authors are Beverly Kaye and Sharon Jordon –Evans.
I share their belief that it is a critical role of Managers and Supervisors to win the race for talent. I also believe that individuals in these roles often abdicate that responsibility because they feel that key retention strategies are out of their hands. Some think that money, perks and benefits are all that keep employees. Not so. While these are important to people, the author’s research showed that there were 10 more important reasons ahead of this for staying.
The top ten:
- Career growth, learning and development
- Exciting work and challenge
- Meaningful work, making a difference and a contribution
- Great people
- Being part of the team
- Good boss
- Recognition for work well done
- Fun on the job
- Autonomy, a sense of control over my work
- Flexibility – for example – in work hours and dress code.
Fair pay and benefits ranked number 11 on the list – followed by another 7 indicators.
The cost of turnover is very high – estimated between 100% – 200% of an employee’s annual salary. The cost of time and lost productivity are no less real than the costs associated with paying vendors or additional HR staff for services such as advertising, recruitment, hiring, and the time it takes to bring the new hire up to speed. Exit interviews are a great way to find out why people left – but why not ask what it is that makes your employees stay?
Does your organization experience high turnover? Sue McConville and Associates can assist you in building a strong and stable team.
Sue McConville and Associates
P.O. Box 686, Ingleside Ontario K0C1M0
Providing inspiring and meaningful coaching to transform your organization.