Employee turnover costs your business 1.5 times the annual salary of the person who is leaving. Organizations need to pay close attention to employee motivation and retention as their businesses grow, and be proactive in their tactics to keep the best people. The biggest risk is that companies begin to loose significant intellectual capital when employees leave the company. The loss in productivity and training costs to replace former employees’ level of knowledge and experience are difficult to make up and significantly affect the top and bottom lines.
Employee motivation and opportunity are factors within an organization’s power to retain. Have you made it clear to employees what their growth potential and career development plans are? Have they been offered training and development that is tuned to who they are and their future potential, which will in turn maximize their individual capabilities? There are other highly significant motivators besides money or rewards to be considered when seeking to effectively engage employees – and potentially far less costly ones!
By utilizing TRAITS as an employee assessment tool for retention, management will be able to better understand employee motivations and interests so they can align them or prepare them for more motivating roles.
Contact us about using TRAITS tools for improving employee retention in your organization.