Some decades ago, there was a tendency that employees stay with a company for years and even decades. You probably know these individuals as loyal employees that were usually rewarded not only with job stability, but also with great benefits. However, in recent years, even the promise of job stability won’t ensure that you are able to retain your top talent. As a matter of fact, some employees have discovered that changing jobs once a couple of years can be very lucrative.
And while this is something amazing for the employee, the employer will have a hard time managing the situation given the difficulty of the situation and the costs. Just think about the time it usually takes to not only recruit, but also train a new asset. And this translates into a loss in productivity and production, higher salary demands and other aspects. Actually, the Center for American Progress has determined that turnover costs a company one-fifth of that employee’s wage. Thus, now more than ever, being able to keep your rockstar employees is a must for every company that wants to succeed.
Graphic courtesy of AkkenCloud