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People such as economists, politicians, and opinion columnists are calling on employees to review their compensation packages and this could lead to high employee attrition rates – in some cases, higher than 50%. Some employee turnover is good for a business as it encourages innovation and a dynamic workplace, but it’s important to manage it to ensure the right kind of personnel for the job. Too high turnover, and the costs of training, onboarding, and developing new capability (*research by Deloitte has estimated this can be as much as three times the salary of the individual employee).
The value proposition of any organisation lies in its ability to attract and retain the best talent. This is the key to success, and as leaders, it’s our responsibility to create a workplace that the best and brightest want to work for. But this isn’t always easy, as we must ask ourselves why people stay and why they leave. In order to understand and meet these needs, we need to identify how we can make our business stand apart from the competition and create a desirable workplace culture. By understanding what drives our employees and offering a tailored, attractive value proposition to them, we can build a thriving business that’s attractive to the highest quality talent.
Photo by breathehr.com.
Although much could be said for why employees might choose to stay in a job, in essence this can be distilled into four key elements:
On the other hand, why do people leave? In our experience, there are four key factors:
It’s more important than ever to give your staff the best possible working environment. With the marketplace getting more competitive, your people can make or break your success. Take a proactive approach and create a workplace that lets your team thrive. Make sure it’s attractive, inviting, and motivating – something that your competitors will envy. Invest in crafting a workplace that will draw in the most talented and capable of people, and keep them around for the long-term.
Struggling to attract the right talent for your business? Allow us at Pacific Talent Partners to lend a helping hand with our range of excellent talent solutions. We look forward to providing the support you need to source exceptional talent for your organisation. We can be reached on +61 2 8318 1818 or talent@ptpaustralia.com.
*cf. https://www2.deloitte.com/content/dam/insights/us/articles/where-did-our-employees-go/USdeloittereview__Where_Did_Our_Employees_Go_Jul09.pdf) may outweigh any benefits gained from the change.
With over 27 years of global experience consulting with some of the world’s leading international brands such as British Airways, BP, Citigroup, HSBC and Rolls Royce Power; over 45 companies in 21 industries and 29 nationalities across the UK, Europe, the US and Australia.
Terry has expertise in aligning vision, innovation, culture and strategy implementation to accelerate commercial performance and sustain scalable growth.
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