Retaining key employees is still the number one problem for corporations.
Even when there is a slower economy, attracting and holding top talent is a
serious concern. After 20 years of down-sizing, it may seem ironic that
corporations are now in a panic about losing employees.
Training professionals, managers and CEO’s are all searching for what they can do to keep their good, talented employees.
Finding solutions to employee retention means more profitable companies,
happier, more productive employees, and more satisfied customers.
Study after study shows that people leave because of their direct supervisors, more so than any other reason. It is the manager who more than anyone else can do something about retaining workers. The manager can be seen as responsible for creating a satisfactory working environment.
However, studies also show that 9 out of 10 managers think people stay or go because of money (Harvard Management Update, June 1988.) This keeps showing up in research, in spite of the fact that people leaving jobs say otherwise. Money and perks matter, but employees report that what they want most is challenging, meaningful work, a good boss, and an opportunity for learning and development.
Important concepts in the full, 2,000-word article:
Why They Leave, Why They Stay
It’s Not About the Money
The Important Relationship with the Manager
Measuring Strong Retention Factors
Resources on Retention
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