Selection and Retention Support > Retention
Companies incur a great deal of cost when they lose a highly effective member of staff – not just in terms of the time and money spent in recruiting a replacement -but also lost revenue, and unfortunately sometimes - a loss of business whilst the replacement is bought up to speed.
In this highly competitive and ever changing market, successful organisations are fast coming round to the realisation that to both maintain and grow their position they need to retain their most effective staff.
The latest CIPD survey ( pub: July 2005) on recruitment, retention and turnover revealed a staff turnover rate of 15.7% in 2004 - that means that at any given time 1 in 6 is heading for the door – and only a tiny majority have been shown it! Most are quitting and it's usually for one of two reasons – promotion or development opportunities.
And what's more - 17% of companies admitted that staff turnover was having a serious impact on their business - that's just a little less than 1 in 5 companies.
Understanding who is leaving you and even more importantly why – is crucial in determining your businesses approach to retention.
The CIPD survey found that the top five initiatives taken by companies to stem the flow are:
- Improving employee communication and involvement – 57%
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- increasing learning and development opportunities - 49%
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- improving the induction process – 45%
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- increased pay – 40%
- this fall's within the organisation's sphere of influence
- improved selection techniques – 56%
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