No matter the size of an organization, having employees leave is detrimental to a business. A high employee turnover rate can cost twice an employee’s salary to recruit and train a replacement. Not only is it unproductive to recruit from the beginning, but it also causes financial repercussions, lower the knowledge base in the organization, and reduces morale and performance.
While many CEOs and Directors are aware of the importance of retaining their key employees, not many are able to do so. This could be due to an unattractive employee retention practice or program that is not working as effectively as it should be, or a lack of understanding in what their employees want and need at the workplace. Top Managers not only must fulfill their employees’ hunger to grow strategically, but emotional needs including job satisfaction and rewards as well.
Developing an effective retention strategy is therefore a comprehensive and integrated process that should create a positive culture, aligned with organizational values and goals. This course will provide Managers with the necessary skills to retain their employees and create a positive impact on their organizations.
- UNDERSTAND what retention strategies are and why it is important
- KNOW the cost and effect of staff turnover on organizations
- REALIZE the main reasons behind an employee’s resignation and how to address it
- EXAMINE human behaviors and what motivates them
- CREATE an Employee Value Proposition (EVP) that drives motivation, retention, and engagement