|
DISCOVERING PEOPLE NEWSLETTER
Issue # 53
Retention: Keeping Motivated and Productive Employees
"The cost to replace ONE person is ~1.5x their
annual salary"
"Average time to productivity for a new employee is 6
months"
"In one large Australian Firm resignation was 57% of all
turnover"
"Average person works for a firm for only 3 years"
"Top 3 reasons people really leave – relationship with
manager, lack of exciting work / projects & lack of opportunity for
growth"
Recently I attended a Seminar, hosted by the RCSA and presented by
Kevin Wheeler, on retaining motivated and productive employees under the
prevailing challenges of the 21st Century. The workplace
environment is no longer a "one-size-fits-all" with many generational
differences and ever changing workplace conditions. There are currently 3
major worldwide trends within the workplace including an aging workforce,
fewer skilled workers, and several different generational attitudes.
Now, more than ever there is an interaction of several generations
within our workplace:
- Baby Boomers (40 - 60 year olds - accounting for 28% of our working
population)
- Generation X (28 - 40 year olds - 16%) and
- Generation Y (< 28 year olds – 25%)
Studies indicate that each of these generations have very different
workplace motivations and expectations of their employer. If employers
want to retain workers, who have the skills needed and who contribute to
their organisation’s success, it is extremely important that employers
understand "who" they have working for them and what it is that motivates
these employees to work.
Whilst in today’s market it is evident that employers are not offering
a candidate "a job for life" it is imperative that both the employer and
employee find the best possible match for their current circumstances. To
ensure the union is successful and profitable for both parties the hiring
process and decisions must be based on skills, competencies, personality,
corporate cultural fit and job requirements. As indicated in the above
diagram, whilst the hiring process is important, it definitely does not
stop there. The new staff member must be supported and oriented well, and
their performance continuously managed throughout the entire period of
their employment.
The Bottom Line?
Employees have an increasing number of choices. They can and do leave when
the psychological or physical cost of staying is greater than the reward
of leaving.
Do you KNOW who you have working for you? Apply the above
ideas to be sure your staff "stay and stay motivated"!
Prepared by: Michelle Novotny
Source: RCSA Speaking Tour – September 2005 by Kevin
Wheeler
Visit:
www.glresources.com
Please feel free to contact the team at Discovering
People if you would like more details on this candidate of the week, if
you have any questions regarding the newsletter topic, human resources
issues to discuss or would like to offer any feedback Ph: 02 9570 2411 or
email
mnovotny@discoveringpeople.com.au
|