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.
Change is a constant in today’s job market and keeping abreast with the new requirements is critical to job success. Nothing remains forever and with the rapidly changing job environment and the advancement of technology in today’s world, it is only natural that employers are also looking for new and changing job skills in their work force.
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.
What are the reasons behind these challenges? The answer is directly linked to the “ECONOMY” when the economy picks up the bargaining power of employees also rises. Not only that we need to thanks the social websites like LinkedIn and Glassdoor as well. There is so much public information available related to a company’s employment brand on the internet.