£10,000-£30,000 = the cost per employee when they leave your business. And it's a lot more if the employee is senior or in a specialised role. So, if only a few people leave your business this year, you're looking at £100,000+.
These aren't new figures. Everyone knows that losing, recruiting and inducting costs money.
If you want to retain your people in 2023, make that the guiding objective of your strategy. Too often, actions are delivered to respond to attrition that has already begun.
Introduce a new litmus test: will this initiative or investment contribute to retention? Towards people wanting to stay and thrive here? The profit and productivity benefits will follow.
And your most powerful first step in this: listening to your people.
- What's already good about your business?
- What could be better?
- Why would people leave?
- What kind of companies do your people admire? Why?
I'd love to hear - what are some of the things you have experienced or delivered that make you want to stay with a company?
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