Reducing Employee Turnover: An Organizational Necessity

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Employee retention is a critical issue confronting today 's businesses vying for talent as the job market begins to improve. Waiting for a valued employee 's exit interview to discover why he or she chose to leave the company can cause you to miss out on keeping a productive member of your team. It is important to utilize the exit interview to gain helpful information. You must use this information to identify obstacles that exist in your organization and address them before other employees follow suit and leave the organization. The expenses incurred due to employee turnover are staggering. According to Josh Bersin, principal at Deloitte and founder of Bersin by Deloitte, the costs can be “as much as 1.5 to 2 times an employee 's salary”. Turnover can cost organizations more than just money. There are other less …show more content…

Employees want to know that they are valued and the company is truly interested and invested in their future. A strong career development and training focus will also enhance retention efforts. Any investment made by an organization to strengthen talent and create a retention culture will pay large dividends in today’s job market. Career Development Career development is an emphasis on employee training intended to help an employee meet his or her personal career objectives. By coaching an employee and helping them to develop the skills for the position that he or she desires, organizations typically see a higher level of commitment and better retention from its key employees. Placing emphasis on career development and training guards against a stale work environment where employees get comfortable in their roles and aren’t able to reach their full potential. One way to encourage employee development is to set goals. Goal setting helps employees to concentrate on gaps between their current skills and the skills they need to acquire to succeed at a higher level. The organization should provide ongoing training

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