You are likely to lose key employees this year if this stat holds. As the economy has struggled to 'come back', the job openings are growing while job responsibilities are still complicated. The bad days of 2008 triggered downsizing so most employees today are playing multiple roles within a single job. The job description does not begin to explain the accountabilities of the current job. Onboarding Processes, Career/Leadership Development and Succession Planning went out the window in that brutal economy.
Fast forward to today - employees are feeling burned out, undervalued and open to new options. The new people you may be hiring are expecting to work in a business unlike the one they left. There’s a chance they’ll land in the same type of place and leave again.
The cost of hiring has multiple components: loss of resource / labor, help finding the candidate and cost of onboarding which can impact the labor of the rest of your staff. The churn that enters an organization when someone leaves until the new person is firing on all cylinders is generally months long and destructive. A single person changing jobs is a significant setback to an organization and company. This newsletter shares tips for keeping the good employees, getting rid of the ineffective and attracting new stars.