Successful strategic execution requires having the right people in the right roles across all levels of the organization. Loss of just a few key individuals can be devastating to strategy.
Looking For The Next Opportunity
Retention of key people has always been difficult, but in today’s culture, every employee is always in the job search mode, always seeking the next opportunity to move up─whether in your company or somewhere else. They think that two years in one job or five years with one company is an eternity. They have the choice of where they want to work and very definite opinions on the environment they will accept. Companies lacking well-developed employee retention strategies supported by senior leadership’s overt commitment to the process will be the market losers. Retention strategies are not a passing fad; they are integral to a successful business strategy. Industry studies consistently support the notion that formal retention strategies are one of the most effective tools in the war against unwanted turnover
Losing key talent is both financially and organizationally devastating. Direct replacement costs alone can be more than double the employee’s annual salary and that does not include the costs of replacing the other employees that follow your top talent out the door. When key talent leaves, the critical institutional know-how that has been the foundation of your customer and vendor relationships, that has driven productivity gains and built customer loyalty goes with them. They also take information about your business strategies, your future products and your trade secrets with them; most often to your competition.
Minimize Unwanted Turnover
Leathers Milligan can help you reduce unwanted turnover among your key talent by creating employee retention strategies that fit your both your business culture and your business strategy. We can help you understand what your employees expect from you, what will make them want to stay and what will make them leave. We help determine your level of employee engagement, satisfaction and concerns and then draw on that data to partner with you to develop retention initiatives specific to the circumstances within your organization. Let us show you how.