Business Case Business case

The question of how to maintain the people a company value most is a pressing one. A lack of both general talent and people with the particular abilities necessary to remain ahead of the competition is looming, and businesses must prepare for it. Companies will have a better chance of surviving labor shortages if they have a plan in place to methodically manage staff retention through good and bad economic times.

In a poll conducted by SHRM and Global force titled “Using Recognition and Other Workplace Efforts to Engage Employees,” 47% of HR professionals said that retention/turnover was the leading workforce management concern.

Important reasons for stressing retention:

  • Employee turnover is quite expensive.
  • The productivity of a company suffers when employees leave for no good reason.
  • It may become more challenging to keep desirable personnel if the number of available competent workers continues to decline.

A company’s bottom line may take a serious hit when employees leave, but not all turnover is always bad. A newly hired replacement, for instance, can end up being more efficient or knowledgeable than the person they replaced.

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