Monday, July 12, 2010

Retaining a Workforce That Wants to Quit (Harvard Business Review)

Why are employees walking away from their jobs, even with unemployment still hovering near 10 percent? Our studies show that the three biggest reasons are a lack of growth opportunities, dissatisfaction with compensation, and employees feeling their contributions aren't being recognized. Growth and recognition are particularly important to younger workers, who have higher expectations of their employers than others do and are defecting in large numbers.
I know I've left jobs because of things like this, but would have been happy to stay if one or more of the above reasons had been successfully addressed. Why do so many managers seem to simply not get this? Then add in the fact that "The cost of replacing an employee is estimated at up to 250 percent of annual salary." Can you say "no-brainer"? Frustrates me to no end!
Read the full article here.

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