Cyber Column | The Password Paradox
April 29, 2019
BKCOB | ERF Committee
April 29, 2019

A 21st Century Challenge – RETAINING STAFF

The direct/indirect cost of replacing an employee can be 3 to 6 months of the employee’s salary depending on the nature of the position. A business should, therefore, benchmark itself with similar entities regarding staff turnover.
Recruitment and selection is not an exact science. However, if employers follow some basic guidelines and remain aware of certain trends then turnover and costs can be reduced. Recent studies indicate an employee is likely to be with an employer on average of 5 years. Employees are likely to work for 10 to 12 different organisations and due to the changing world of work have 4 to 5 different jobs during their working career.
By 2020 it is anticipated 50% of the workforce will be made up of millennials. These are employees generally born between 1980 and 2000. They exhibit particular needs and wants with regard to employment. The 4th Industrial Revolution has arrived with Artificial Intelligence (AI) evolving at a rapid pace. Augmented Intelligence which simplistically is AI assisting people to perform their work will result in a decline of employment in a number of professions e.g. fewer lawyers will be required for conveyancing and fewer financial people will be required for bookkeeping tasks. How will the millennials and AI affect your organisation?
To assist with staff retention ensure that the right employment occurs from inception by being stringent during your interviewing and vetting processes. Warren Buffet mentioned that one should hire for Intelligence, Enthusiasm and Integrity. If the candidate lacks Integrity then don’t bother with the first two attributes. Applicants must identify with and have an interest in the position for which they are applying. There must be a culture fit with the applicant and organisation. The organisation should also provide a conducive and supportive working environment where employees are provided with opportunities to develop. Fundamental to this is a leadership which is trusted by its employees. Remember employees, in general, do not resign from their employer but divorce their manager.
Stephen Covey stated, “Treat your employees, exactly how you would want them to treat your customers.”

Kevin Marlow | Business Owner – Kevin Marlow & Associates t/a Vision Consulting
W: | Facebook: @VisionConsultingEL