The Challenge Retention
Today’s employees work for themselves first and for your company second. Studies suggest that they also expect to work for no fewer than eight companies during their careers. Access to the Internet makes it easy for employees to search for opportunities and to post their resumes on multiple job search engines.
As challenging and expensive as it is to attract, hire, and train your workforce, unwanted turnover is even more expensive. Consider the potential costs, both tangible and intangible, of losing key employees:
- Recruiting costs
- Relocation expenses
- Investment in training
- Accumulated expertise
- Lost productivity
- Negative team morale
- Loss of customer goodwill
- Proprietary information loss
- Recruitment of other team members
- Key employees joining the competition
Willard Financial Group’s signature ‘R3’ retention program can help you achieve significant improvements in your retention goals. Ask your representative for more details.
The bottom line is this: Case studies suggest that the true cost of replacing a senior or executive employee ranges up to 213% of salary.