Even with the economy turning down, employee retention is important. The cost of hiring, training, and supervising new employees is substantial. If a person leaves before the company recoups all of these costs, then turnover is a significant cost. It's only going to get worse in the coming decade, when baby boomer retirements match new entrants to the labor force.
The Aberdeen Group has just released a new survey of best practices (free, but registration required) for retention of new hires. Their key points:
The report was based on a very broad survey, covering different industries and different size companies, including large corporations and small businesses. Every senior executive should address employee retention, and browsing this report is a good way to get started.
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