Organizations are accelerating their talent retention
strategies, which experts believe would increase the stickiness of employees to
their jobs for longer terms. The fact that retention is more cost effective than
hiring is now being brought out strongly in research as well.
Some statistics:
Ø
The cost of replacing an employee ranges from
29% (non-management) to 46% (management) of the person's annual salary.
Ø
The new hiring cost that, on average, would be
25% of the annual salary.
Ø
Correlation between retention rate and an
organization's performance in customer satisfaction, productivity and
profitability is more than 35% in value terms between a low attrition company
and above average retention company
Employees are also looking at a place which provides them
with an opportunity to do unique things. The challenge is about creating a
workplace of the future to envision the same and start putting the building
blocks early, else we will be caught napping!".
Nurturing 'home-grown' talent will in the longer run create
a more affiliated and willing workforce.
Courtesy : Times of India , 19th November 2012
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