Retaining talent is critical to the long term success of a company. Managers spend a lot of time, effort and money in the hiring process to screen and select the best possible employees and they definitely need to retain that talent.
Employee turnover has a high associated cost and various estimates show what that could be. According to a study by the Society for Human Resource Management, employers need to spend the equivalent of six to nine months of an employee’s salary in order to find and train their replacement.
The year has begun. Goal setting processes have started and maybe still in progress. However why not try it out in a new fashion to make it more effective by utilizing the Domino Effect.
Goal setting is a tool that can be beneficial to us in all areas of our life, be it at home, work, fitness program or any other interest or hobby we may be following. The process of setting goals for ourselves not only influences our performance in that area but it also helps to build a positive change in us such as motivating us and breeding success. The success factor also contributes to building our self confidence.
Latest research by Deloitte shows us that some of the biggest challenges facing leaders in the business world of today are related to company culture, employee engagement and retention. Not only that, over 50% of business leaders rated these matters as urgent to focus on.
Economic downturns, financial difficulties, changing market conditions, mergers or other factors may suggest that reducing the workforce is the answer. This has been a very pervasive managerial practice for over decades, but the question that arises is – how successful is this practice in reality ?
HR is first 