Home' micenet eMag : micenet AUSTRALIA December 2014 January 2015 Contents Good employees leave their jobs for many reasons (work/
life balance, family relocation, other personal or medical
issues, etc,) but very often, they leave because their
employer hasn’t met their needs. In other words, their employer
has failed to retain them. Unhappy employees will say they feel
undervalued, underwhelmed, underpaid and/or overworked and
this will often lead to feelings of discontent which in turn can
result in their resignation.
According to a report by PBP Executive Reports in 2011 called
Why Good People Jump Ship – and What You Can Do to Keep
Them, the loss of good employees can cost businesses about 20
per cent of that employee’s salary to replace them. These costs
will include the recruitment and hiring of a new staff member, the
time and money to train them and the costs associated with the
time it takes for that new recruit to reach 100 per cent productivity.
Beyond these monetary costs they also outlined other
associated “costs” that can result from losing a good employee.
These include the investment you’ve already made in their
specialised training as well as the loss of their on-the-job
experience. There is also the potential loss of established and
positive client relationships that a departing employee may have
had in place or the possibility other staff might leave because of
the disruption or increased workload for others caused when a
valued team member moves on. At the very least there could be
a negative impact on employee or team morale. And then there
is the likely future contribution that you will miss from the loss of
a talented employee.
So what needs to be done to retain good employees? Well,
simply put, you need to try and meet their needs and the only way
you’re going to do that is if you know what those needs are. So, as
an employer, you have to ask but you also have to LISTEN to what
your employees are seeking in their role and within the business
now as well as their future career aspirations with your company.
I have discussed performance appraisals before and the
formalised performance review process is not only a good time
to talk about your employee’s performance but also to discuss
the future. And that is not only about communicating what you,
the employer, has in mind for the overall businesses and that
particular employee but also what your employees want to
achieve over the next six to 12 months and longer term.
You also have to be aware that employee needs will change
over time so it is also important to stay in touch with what
they’re thinking. A good way to do this is through weekly “one
on one” staff meetings but also by engendering an “open door”
management style and being accessible and amenable to all
employees. That way they will know if they have a particular
issue they would like to raise then they can do so immediately. In
some cases these issues will relate to changing employee needs
and this way you will be able to attend to these before they
become problems too great to address or solve.
Following on from this, employers themselves do need to also
ensure that they assist management with the tools and time that
will allow them to successfully engage and connect with their
staff, because in a lot of cases it is line management that have
the task of ensuring their direct reports particular needs are met.
In conclusion, it is also worth pointing out that there will still be
occasions when the needs of an employee cannot be
accommodated on an ongoing basis or a compromise can’t be
reached that is to both the employer and employee’s
satisfaction. As a result, some employees will move on.
However, by employing the strategies outlined above there will
hopefully be less of these costly and disruptive incidents
occurring in your business. m
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and how to retain them
The 2015 Global Meetings & Events Forecast from American Express
Meetings & Events is now available. Download for free at
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For more information on how we can help you achieve your objectives, please
Do you want to get a head start on planning your meetings budget for next year?
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in Meetings in 2015?
John Hackett provides some tips on retaining good staffers.
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