back to topYour people choose to stay with you based on a number of factors. It’s not however as many leaders think, the pay and rewards that retain them. That’s a short term motivator – don’t get us wrong of course you need to offer competitive remuneration to attract great people.
However, as demonstrated by research, other factors can have a greater influence on whether someone stays with you such as: does an individual have a close friend at work; whether they have a positive relationship with their boss; is there someone who encourages their development; does the mission or purpose of the company make them feel their job is important; do they have the opportunity to do what they do best every day? Click here for more on the twelve questions that matter.
Retaining great people makes good business sense – not just in the cost of replacement.
Yes, the cost of recruiting is expensive – factor in costs of recruitment agencies or headhunters, adverts, interviews, assessment centres, your time in recruiting and then the time it takes for someone to become effective in their role.
Then there is a 50% chance (as demonstrated in current research) that the person you hired won’t meet your performance expectations – then there’s even the chance that they decide to leave you as the role doesn’t live up to their aspirations. So you have to start all over again with the recruitment process!
In the meantime you don’t have your full complement of expertise so you struggle to meet your business objectives!
And this is not even the full story! The money saved on recruiting to replace people is only half the story.
Recent research in both Western Europe and North America indicates that over 45% of today’s employees are considering leaving their role in the next 2 years.
Of course that doesn’t mean that they will leave. But this has to be of concern to you as a business leader if nearly 50% of your people are distracted from the job in hand of delivering for you! Any wonder that delivery of your business goals is sometimes elusive?
A community of people who are able to be the best they can possibly be by leveraging their unique talents and working on projects they are passionate about will have a direct impact on their performance. This in turn will positively impact customer service and business performance, providing you with an edge over the competition and with the ability to deliver the promises you made to your shareholders!
Put another way, if you help your people be the best they can possibly be by leveraging their strengths and passions you can be sure that you’ll get a better return on investment that investing in training programmes to make them something they have little chance or motivation in becoming!
Oneocean can help you uncover what your people enjoy about working with your organisation, what makes them feel valued and what would access their discretionary energy so that we can create bespoke solutions to meet your business needs.
Interested in finding out if you’ve the right strategy and plans in place to retain the people you need to ensure the success of your business?
First let's talk about your business goals: we value your time so we'll quickly tell you if our skills are a good fit. Contact us by email or by phone on +353 (0) 1477 3916. We look forward to hearing from you.
