November 17, 2014

Is your company driving away its most important asset?

Forbes estimates that replacing a single employee costs between 70 and 200 percent of that person's salary.

Are you losing promising employees to high turnover rates?

While many executives openly acknowledge that human capital is a company’s most valuable asset, few actually follow through with initiatives to cultivate morale and improve employee retention rates. As Entrepreneur magazine contributor Brent Misso writes, “many organizations struggle with and cannot seem to shake a business outlook that views people as interchangeable parts or as mere job descriptions.”
Could that, to some degree, describe your company’s outlook on staffing? When was the last time a promising employee threw in the towel? Whether you have lost many workers to turnover or just one or two particularly valuable ones, your business is likely suffering because you’re driving away your most important asset. Aside from the incalculable loss of a dynamic staff member’s contributions over the coming years, Forbes estimates that replacing any given employee costs between 70 and 200 percent of their annual salary.
Here are two ways to turn the tide:
Improve management
Even if everything else about a job is great, a bad manager can send employees running for the door. Management training courses from Mastery Technologies allow supervisors to inexpensively and efficiently improve their leadership skills, which can in turn decrease turnover rates.
It’s not about the money
While a salary that is significantly below market-range will certainly not help you, don’t make the mistake of thinking money is the only way to motivate employees. On the contrary, creative benefits that cost the employer relatively little can go a long way toward improving worker happiness. Demonstrate you are invested in your team’s professional and personal growth by making continuing education courses available for their use. Mastery Technologies offers a wide array of courses to motivate and engage employees.

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