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Cost. The cost of replacing staff is enormous. The hard dollar costs can
include recruitment fees, advertising, leave entitlement payouts, engagement
of short-term temporary staff plus the cost of any new ancillary items such as
mobile phones and laptops.
Time. Think about the time cost of writing advertisements for the position, job
descriptions, interview questions, interview time, preparation of employment
agreements, offers and phone and email.
Impact on Your Team. The departure of key staff members has a negative
impact on staff morale and culture as continuing staff have to "shoulder the
load". When teams are already working at full capacity this can lead to further
resignations as other staff struggle to cope.
Leadership - You. It all flows from you as the leader in the business. Nothing
attracts talented staff more than a magnetic leader that demonstrates a clear
vision and winning attributes. Assess your leadership style and consider
why talented individuals would want to stay with the business.
Individual Reporting. Where there are individuals that have specific targets
such as sales team, customer support and management you need to provide
them with performance data against which they are being appraised.
Support Staff When They Most Need You. This is a biggie. The response
that you make to a staff member in need is one of the most critical drivers to
retention. Be flexible and understanding when staff approach you with issues.
They remember your behaviour forever in these pivotal moments.
Other Benefits. These include car allowances, child care allowance, home
telephone allowance, clothing allowance, travel allowance, relocation
allowance, training and entertainment.
Golden Handcuffs. "Golden Handcuffs" are more major benefits that create a
significant connection to employment. These include company car, profit
share, commissions, bonuses, equity, above market remuneration and study
sponsorship.
Assess Your Opportunities. Based on your audit and staff review, while
keeping in mind current cash flow and profitability, scope out which
individuals/teams are suited to applying some of the staff retention strategies
outlined above.
Take Action & Implement. Implement over a period of time appropriate staff
retention strategies at individual/team/company levels.