I often talk about how important it is to invest time into finding and training the right people for your team.
It’s not just about hiring the right people, although this is an important factor! Skillset and attitude are key for your business to succeed. It’s also about enabling each employee to channel their strengths and shine in a way that benefits your business and then shaping those employees into a winning team.
To add another layer to the mix, it’s then gaining a deep understanding of your team so you can nurture, reward and keep your staff.
While this can be a difficult task, it highlights how building the right team should be one of your biggest business investments.
Why?
Because the impact of not allocating the right time, resources and investment can be a financial impact to your business of at least twice the outgoing worker's annual salary….
I’ll let that sink in.
Now think about how big that financial cost could be for you if it’s one of your high-performing staff members or one that is super dollar productive and revenue-producing.
Diversity, equity and inclusion consultancy, The Dream Collective, recently released new analysis they conducted revealing a high achiever earning $200,000 could cost a firm up to $400,000 to replace. This includes $50,000 for hiring, $150,000 for the six to nine months to train the replacement and $200,000 in lost productivity.
Arrgh!
So, what retention strategies can you invest in to keep your high-performing employees happy?
In today’s business world, traditional perks are not necessarily what gets everyone to stay.
Highlighting a path for future growth and career progression is one driver.
Now more than ever it’s about providing your staff with the opportunities to access additional training through a variety of upskilling programs is the other driver.
This solution not only improves skill level but also boosts morale, employee engagement and also enhances workplace culture.
In what ways can you provide your current employees with ways to grow professionally and personally?
If you are looking for a keynote speaker to educate and motivate your team, or resources to keep your employees accountable, tools to help them dominate their marketplaces or want to offer your high performing employees 1:1 coaching opportunities reach out to me at hello@sherriestoror.com to see how I can help you and your team!