The Cost of Staff Turnover

"People don´t leave the company, they flee from their managers" - Lynda Ford, from Ford Group.

Monday, November 15, 2010


©image: PhotoXpress

Speech by Prof. German Céspedes Herrera, from the Institute of Business Studies, during a conference sponsored by El Financiero, on "How to retain talent," which discusses the following topics:

Turnover costs in human resources

Savings by reducing turnover

Causes of turnover:
- Style control
- Work Environment
- Fundamental imbalances

How to retain talent
- Caring for recruitment process
- Creating a strong sense of belonging
- Developing current and future skills
- Establishing processes aimed at retention

More on this topic

Landing the Best Human Resources

June 2010

Attracting, hiring and retaining talent is imperative to make a company competitive; the methods to achieve this are changing rapidly.

In most productive sectors there are not enough qualified and experienced professionals. In some industries, such as software development, the lack of personnel is even more critical, making it crucial for companies to adopt staff attraction and retention policies.

Bonuses For Retaining Key Personnel

July 2011

In times of shortages of staff with good training levels and experience, economic incentives may be a good way to protect your company's human capital.

Job retention bonuses are incentives that companies provide to certain officials who are key to their operations.

Although retention bonuses of various kinds may be offered, limited only by the imagination of businessmen, typically four principle types are considered: the "referral" (for referring a friend), "sign on" (when signing the work contract ), "spot" (for specific achievements), and "retention" (for certain periods of time completed in the company).

The Best Candidates are Not Those Looking for Work

November 2011

To fill a position it is customary to choose candidates from those in the labor market, but many of these may be mediocre malcontents.

In reality, the way to get the best people is to look among those who are enjoying their current job, and who are not actively looking to change firms or position, but would accept an attractive offer. They are called "passive job seekers."

How to Retain Your Best Staff

April 2012

In a competitive environment, companies must understand that it is better to retain qualified personnel rather than to invest funds looking in the market for workers.

A report entitled "Cutting Edge Talent 2020" by Deloitte, is based on a survey of global executives in large companies.

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