Today’s workforce spans four generations, each with its own set of behaviors and preferences. It can be hard to manage such a varied group, especially when you have to deal with turnover. Replacing an employee costs an estimated one-half to five times their annual salary. In an industry with ever-shrinking profit margins, we cannot afford to lose our best talent. Developing your employees is a practical, proven way to retain your best team members, and the payback stretches beyond employee satisfaction.
- Although there is variation in what motivates each generation, we should focus on the commonalities among them to provide opportunities that motivate all
- Retention should be employers’ number one priority. Find out how much it costs to attract new talent at your company by conducting a cost analysis
- There is no such thing as too much recognition! As long as the recognition is true and genuine, employees will benefit and grow from the feedback
- Compensation is not the only motivator for employees. Consider offering unique competitive benefits, such as gym membership or family care, to attract and retain employees
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