Keeping the Team
Reworking the phrase 'the best way to make more money is to stop losing it', the easiest way to ensure we have a good team working for us is to stop losing them. In the UK we have a shrinking working population, a growing skills shortage and a tendency on the part of many employers to assume they will always be able to fill vacancies. Competition for the above average or 'best' employees is likely to become increasingly fierce. The Chartered Institute of Personnel and Development's (CIPD) 'Annual Labour Turnover Survey' discloses that over 50% of all recruits leave within 2 years and 75% leave within 6 years of joining.' The Hay Group's research in 'The Retention Dilemma' indicates that: employee turnover has increased by 25% since 1996; the main causes of voluntary termination of employment are a lack of leadership and a lack of a career path; and the cost of labour turnover can equate to 40% of an employer's annual profit. Many personne...