Whether the economic system (good or bad), no matter the time of year, no matter how much employees are paid, many of best employees decide to leave organization. Most valuable asset, single greatest investment, and biggest competitive differentiator- in your company -is moving out of your organization. The question holds for every employer: Why do employees leave or stay at an organization? What motivates for an employee? How can employers motivate employees to stay longer period? And what is a “good” rate of turnover? ; This article cannot promise to answer these questions in any point, let’s take a quick look at the subject and understand what we can find. That is unless you are handling and assessing the talent performance while meeting the pipeline of succession. In many industries it’s demonstrated fact that the talent drives business performance. Your board members (or executive members) know this already. They are expecting for HR to carry out the best talent management strategy.
Once an employee takes the decision to leave an organization, usually substituting worthful employees can cost from 30 -100 (%) and some times more than 100 (%) of annual compensation. These figures take into account lost business performance, customer satisfaction, and the high cost of developing new talents to the same degree of performance as forerunners. Formulating a solid program for cutting down employee turnover, can be tricky.
Effective talent management cannot purely be the focus of Human Resource professionals. In truth, it’s getting progressively mission-critical for nowadays requirements, Chief Information Officers to formulate focused, sleek procedures for HR professionals to meet employee retention and recruiting initiatives.
Here are few reasons employees decide to leave organization and few suggestions to mitigate the situations:
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