Retaining Winning Talent
"I believe talent is like electricity. We do not understand electricity. We use it. Electricity makes no judgment. You can plug into it, and light up a lamp, keep a heart pump going, light a cathedral, or you can electrocute a person with it ... I think talent is like that. I believe every person is born with talent."
~ Maya Angelou
Calm the Waters, Keep Your Electricity
When an employee leaves an organization, it's like a drop of water hitting a still pond. Ripples spread through the infrastructure from the loss of a team member, and those ripples are usually quite expensive. The costs of attrition includes productivity loss, declining moral, recruitment and replacement costs, talent and expertise loss and even lower output quality. In fact, the impact can lead to the ultimate price: customer dissatisfaction, and thus, lost revenue.
Consider these numbers: The average cost of losing one employee is $60,000 - that's 1.5 times an average salary of $40,000. The ramifications of this loss can mean millions for companies with hundreds or thousands of employees. If 20 percent turnover exists in a company of 100 people - or 1/5 of the workforce leaves next year - that turnover would equate to costing the company $1.2 million.
This sobering information regarding employee retention is only one factor showing the importance of hiring and keeping talented members in today's fledgling economy.
As Maya eloquently dictates, there are some things you can't explain with numbers.
Because talent is so magical, our affiliate Vital Learning has developed curriculum outlining specific practices within a manager's control to retain top performers. Vital's " Retaining Winning Talent " program includes a Retention Action Plan for your leaders to easily implement to safeguard your future. Curb the "Ripple Effect" and set out for smoother seas of success.
We , as usual , are facing ever greater challenges in the world of work and now , perhaps more than ever , it is important to keep the " right " people at their posts with you!
To learn more about " Retaining Winning Talent " or one of our other learning programs that are available in workshop, on-line or blended format please e mail us at info@communicationstrat.com or telephone us at 212 -362-5215.
Communication Strategy is a New York City based consulting firm with affiliates throughout the United States that assists its clients with learning initiatives in such areas as Leadership and Team Development, Customer Service , Meeting and Performance Management as well as Employee Engagement.
Contact: David Hellman (David@communicationstrat.com)
|
|
