Attracting and retaining the best employees are two completely different concepts. Hiring the best is usually a streamlined process of seeking out the most qualified and skilled individuals and getting them to view your organization as a positive workplace to be in.
But after hiring is complete, it is their turn to interview you, in a way. They finally get to see what is behind the front door at your organization. Hiring the best employee for the job is one thing, but retaining the best employee for the job is a whole other arena in the business world.
Yes, each of these instances may be difficult, but it is arguable that retention has become the bigger of the challenges.
The Great Resignation of 2020
During the COVID-19 pandemic of 2020, we experienced what is now known as “the Great Resignation.”
On the surface, thousands upon thousands of employees left their jobs for various reasons. But one of the most pervading feelings behind many resigning from their roles was that those individuals took a defining moment in human history, a global pandemic, to search for something offering more personal fulfillment.
Recruiting, training, and benefits can cost $1,500 per employee turnover — a hefty chunk of change if you consider how many employees were exiting their roles during 2020. Retaining employees has now become more crucial than ever to many companies across industries.
A recent study found that the top tenured organizations include HSBC Bank and Neutrogena, with an average 10.2 years worker retention. Some of us cannot fathom top-notch employees staying around that long! So what is their secret?
No one sets out as a business leader to replace team members every year. We all want to keep our best-performing workers, so it is crucial that business leaders understand there is more to employee retention than money.
Align Your Futureview®
The question you are likely asking yourself is: If we are an Anticipatory Organization®, how will this ensure our top employees stay on our payroll?