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'Employer of Choice' The Secret to Retaining Top Talent

As the economy begins to recover, employees are more likely to consider their options and seek alternative opportunities available to them in the marketplace.  There has been plenty of research about the financial implications of attrition, losing good people shows on the bottom line.  If a good manager leaves, it can cost five times the salary package and up to ten times for a director. Apart from the obvious direct costs of recruitment, training and management time, the indirect cost of disruption to business in terms of reduced productivity, customer relationships, motivation, morale and seepage of knowledge are considerable.

Retaining top talent is every business owner’s challenge and there are specific steps that can be taken towards minimizing the loss of good people.
Salary and benefits are important to employees, but recognition, advancement and development opportunities rank much higher, key employees want to feel valued and involved in the business they are working in.  Regularly reviewing employee’s progress and ascertaining what their aspirations are is a good start.  Be aware that not all talented people want promotion, find out what they want, who is aspiring to change or ready to move and what it will take to get them job ready.

Coaching people towards achieving their goals at work and in life and creating an environment of open communication where feedback from employees is encouraged and valued will help to keep key players onside and engaged. Some people will inevitably leave and that can be healthy, but planning for succession and good communication can help to negate those nasty surprises when a key individual unexpectedly hands in their notice.

Top performers matter a lot to any organisation as do people with the potential to become top performers. Over the next few years the Baby Boomers are retiring and the upcoming ‘Generation X’ numbers are significantly lower i.e. 44 million as opposed to 76 million baby boomers.  Put simply, there are a lot fewer people available to work, add to that the skills shortages and it becomes very clear how important it is to be an ‘employer of choice’.

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