STAFF RETENTION SOLUTIONS

STAFF RETENTION SOLUTIONS from INTEGRATED FINANCIAL SERVICES

By: INTEGRATED FINANCIAL SERVICES   11-27-2011
Keywords: Business, Financial Planning

STAFF RETENTION SOLUTIONS - Helping you retain the valuable intellectual capital of your business

How do you retain important employees?

You invest time, money, effort and training in your staff. They are part of the vital intellectual capital of your business. Although a moderate level of staff turnover can be good for a business, every organisation needs to have a strategy in place to retain high performers that give it a competitive edge.

Key employee retention is critical to the long term health and success of your business. Managers readily agree that retaining your best employees ensures customer satisfaction, product sales, satisfied co-workers and reporting staff, effective succession planning and deeply imbedded organisational knowledge and learning. Therefore, it is very important for the business to retain its employees to ensure the continuity and progression of the business.

Organisational issues such as training time and investment; lost knowledge; mourning, insecure co-workers and a costly candidate search aside, failing to retain a key employee is costly. While the poaching of skilled and trained staff is also a very common and damaging practice. Various estimates suggest that losing a middle manager costs an organisation up to 100 percent of his salary. The loss of a senior executive is even more costly, running up to double their annual salary and more.

Benefits are an almost universal part of the employee package and almost as often a source of concern for the work they require and growing cost to companies. Most frustrating of all, one of employees' most frequent complaints is that they're unsatisfied with their benefits. As costs grow and new regulations take effect, these concerns will not disappear soon. How do leaders make the most of this situation?

At Integrated Financial Services, we can work with you to devise a unique staff benefit solution to help you retain your skilled staff.

Keywords: Business, Financial Planning

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