Newsletter

RETAINING STAFF

"Staff retention is a key issue for all employers large and small with surveys showing that over 50% of employed Australians are considering leaving their current jobs. [Drake]

This shift has occurred because employees felt undervalued due to the extra responsibilities they took on during the financial crisis. Now that the economic tide is more favourable employees are confidently re-evaluating their future.

"Recognise that when a staff member's knowledge and skills are lost to the organisation, productivity and client relationships are negatively impacted. With staff replacement costs of between 50-150% of salary." [Hay Group]

Employers should use these four questions to conduct a staff engagement review;

Key Employer Questions

1] Why are staff leaving?

Are the reasons for staff departures being analysed? For instance work life balance is a major characteristic sought for in a new position. Being responsive to issues can also help to retain current staff and attract new ones.

2] Do staff know they are appreciated?

Over the last twelve months companies made difficult decisions to survive. As the economy recovers, staff expectations are different and they are seeking to have their contribution valued and the recognition isn't always financial.

3] Is career development occurring?

"Lack of career development is emerging as the greatest reason to leave an organisation." [BOSS]

People move because they want a new challenge. In addition, when staff are feeling stale productivity and commitment will decrease.
What are your strategies to develop organisationally talent?

4] Are staff engaged with your company and its mission?

Do staff have an overall vision of what the company does and how their area and talents contribute?

Reviewing employment practices will enable organisations to retain the competitive advantage in attracting, retaining and using the talents of a committed and productive workforce.

© Merilyn Hill

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Merilyn Hill
www.careerportfolio.com.au