5 Things to do When Your Employees Brace Themselves for Quitting
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Posted On :
Jul-09-2010
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Article Word Count :
511
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Exit losses can be steep and include such categories as human resources, managerial handoff, lost customers, contacts and knowledge, disruption or new recruitment costs.
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Employee turnover might be one of the most underestimated costs modern companies face and they do a lot to sweep this fact under the carpet. Exit losses can be steep and include such categories as human resources, managerial handoff, lost customers, contacts and knowledge, disruption or new recruitment costs. The exact calculation is a complex task but depending on a position and industry type, total expenditure on a new employee may outrun costs of keeping an existing staffer up to three times. On top of that, there are some costs that which are impossible to asses, yet as tangible as others, such as impact on workforce morale or atmosphere. The inescapable conclusion is that investment in employee retention, especially long term and consistent, can pay off. Here are a few ideas how to handle it.
1. Avoid blanket solutions that reduce everybody to similar procedures, tasks and responsibilities in your organization, even within one department. Build your team with a strong and unwavering respect for individual abilities, preferences and professional styles, rather than by imposing roles on people. This personalization can counter one of the most frequent complaints that employee on the cusp of leaving file – feeling out of place and misunderstood in a company structure.
2. Personalize rewards too, especially bonuses, gratifications and other entitlements to let your employees see that your attitude is defined by a dedication to individualism. When somebody wants to go flexitime or another kind of concession, try to find room to accommodate it in a wider structure. Use occasions like Christmas or New Year to show personal focus too as people are likely to remember customized surprises much longer than a standard postcard or a repeat handshake. Setting clear promotion prospects or engaging employees in in-company mentoring as part of an incentive package can be extremely impactful, too.
3. Pay attention to a company culture and how your staff respond to its core values and ideals. Make it a norm that everybody is expected to contribute and their voices are taken heed of, in formal and informal ways. This gives them a stronger sense of participation, which is normally a powerful bond tying them to a workplace. When they feel they belong to an organization, they may think twice before quitting, even if the motivation to change companies is mainly economic. What is a five per cent pay rise if what you get in return is uncertainty and starting from scratch in a new environment?
4. Dissatisfaction with work environment is often ranked high on a list of reasons for quitting. It might be impossible to please everyone, as some people discover their entrepreneurial talents and move to self-employment or receive vastly superior offers, but investing in professional development, for example employee or executive training, can go a long way towards encouraging people to stay. Executive training programs or other high-powered educational initiatives tend to be appealing, challenging and forward-looking, so even the brightest might think twice before leaving such an opportunity behind.
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Article Source :
http://www.articleseen.com/Article_5 Things to do When Your Employees Brace Themselves for Quitting_25000.aspx
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Author Resource :
I am a web designer and a passionate writer. I write articles and PR news about executive training. Read more about business education and executive training programs.
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Keywords :
executive training, executive training programs,
Category :
Business
:
Management
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