Retaining good People is good business
26th Feb , 2016
Job for life and loyalty gone
Long past are those heady days when individuals embarking on a career joined an organisation and expected to stay there for all or most of their working life. This past longevity of employment relationships did encourage deep loyalty, friendships and security, which in turn held, even many of the most ambitious employees in place. This is no longer the reality for most people and organisations.
The emerging challenges for organisations
Organisations now evolve quickly in response to pressure and are adapting more rapidly to change itself.
Modern employees and organisations face increasing challenges from changing markets, external competitors, transforming technologies, takeovers or mergers, restructuring, redundancies, and the need to continually make the business ‘lean’ and responsive.
This pressure has greatly increased the ‘poaching’ of skilled executives and has gradually become much more of a threat to organisations.
Peoples’ expectations from jobs has changed and increases business costs
People move jobs for many reasons including: career progression, personal development, a change in career direction, better salary packages or conditions, desire to experience different industries, companies or organisations, countries, cultures or lifestyles. These are all common reasons why people change jobs.
High turnover of staff is very costly and detrimental to most organisations. This is particularly pertinent where a business needs to retain specific talent and skills from their “up and coming” people, as part of orderly succession and risk management. The costs of replacing these key people – recruiting, training, settling them in long enough to get real productivity and the time factor in recruiting yet again are frustrating and detrimental to the overall performance across organisations. Therefore employing and retaining the right key employees is more vital today for strong businesses to continue to succeed.
Supporting executives with our Business Mentors improves staff retention
Employers can reduce the loss of key employees by identifying those who will benefit the organisation, from confidential and individual support and development using an International Business Mentor.
With one of our well-matched and independent business mentors to deliver career mentoring your key people will have confidential support and be challenged to develop themselves further, and get the benefit from the mentor’s experience in areas or issues that need to be discussed “off line”.
The business mentoring relationship is designed to enhance that person’s performance and contribution to the business, and to deepen the relationship with the organisation by offering individual assistance to enhance their careers provided for them by their employer.
Mentoring supports which challenges your people to succeed breeds relationship, loyalty and performance long term
Your organisation’s strategy on appropriate key employee retention requires investment to reduce the impacts of high staff turnover of key people:
- Unnecessary employment costs,
- Loss of productivity and effectiveness in the organisation
- And reduce the risk
International Business Mentors can greatly assist you in this endeavour by individually assessing and matching business mentors with your key executives, where and when appropriate, to support your staff retention and development strategies.
Chris Cartney
May 2014