COMMENTARYPublished: 20 Feb 12
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Mark Chew
What to do when your people leave you?Have you ever cursed under your breath because a colleague just tendered his resignation and you have to pick up the mess? Or have you ever asked yourself, “If only I knew that person was so lazy, I would never include her in my team!”
Is there a particular reason why people leave the company? Is it because they can’t work in a team? Can’t we just replace these employees by hiring others? Is there even a cost involved in attrition or employee turnover?
The cost of attrition rates Growth and recognition are particularly important to Generation X and Y workers. They have higher expectations of their employers and mentors. They will not hesitate to leave if they feel they are getting the raw deal. Let's put this in perspective. Assuming a Singaporean company’s monthly attrition rate of 3 percent. Using the median personal income of full-time Singaporean workers of $32,000 per year, and assuming a 100 percent of salary as turnover cost, for a company with 100 employees. You will incur an annual cost of about $1.1 million! Such cost is disguised in the form of lost productivity, and other less immediately obvious factors. Therefore recognizing the cost of attrition is important.
Productive Solutions A simple assessment tool can help you in finding out more information of your employees and team members’ ability to work in a team. It can also help you discover the hidden ‘talent and skills’ that they may have forgotten to share during the interview. When optimized with effective and sustainable talent management practices, such role-based assessment tools can enhance organizational performance and deliver substantial profits. Mark Chew is the Founder and Principal Strategist of Giants Learning Technologies Pte. Ltd. He is the author of ‘Discover Your Leadership Style’. Contact him personally at mark@chewmark.com to find out more about RBA Tools, or visit http://www.giants-lt.com for his workshops and leadership tools. Do you know more about this story? Contact us anonymously through this link. Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us. Tags: attrition, Mark Chew, Giants Learning Technologies |