Oct 30, 2008

Practical Staff Retention Ideas

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Following from last weeks blog regarding focusing on staff retention rather than recruitment I felt it was appropriate to provide some positive solutions or ideas. The objective is to create happy and loyal employees. Elements are taken from an article written by Nukte Ogun in May 2008. 1. Salary One of the biggest employee motivators, pay is what attracts us to most new positions and encourages us to stay. 2. Remuneration package Think about other perks, besides pay, which you could use to lure and keep staff, including salary sacrifice, bonus super and novated leases. 3. Respect Your grandmother had it right: treat others as you would like to be treated. 4. Resources Staff tire pretty quickly of faulty and out-of-date equipment. It doesn’t have to be the newest or the best (it’ll help if it is...
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Oct 21, 2008

Recruitment vs. Retention

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The costs of replacing departing staff can be massive. Companies should be focusing their attention on how to keep their existing staff. It is an exhaustive process to hire new staff and not one that an organisation wants to do often. So don’t let the recruitment take over, change your focus from recruitment to retention. Why should I focus on retention? The cost to replace a single employee is between 25 per cent and 150 per cent of their annual salary. Once you start multiplying those replacement costs out across the number of employees lost each you, the cost of attrition can be crippling. What is the true cost of losing a member of staff? Recruiter’s fee Advertising costs Exit interview costs Psych testing Interim staff costs Training costs Protective clothing , uniform IT and systems set up...
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