<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=15552&amp;fmt=gif">
August 2016
Issue Map
August 2016
The Buzz

Individualized Retention Efforts Work Best

Thursday, July 28, 2016

A casualty of the rising gig economy, employee retention rates have been dropping as employees are finding more fluidity in their careers. Modern workers, particularly those of the Millennial generation, favor flexibility, freedom, and self-direction over what most would consider a “traditional” career. Because of this, businesses are realizing that traditional approaches to recruitment are becoming obsolete. The older notions of cubicles and 9 to 5 workdays are no longer the standard, and organizations that aren’t keeping up with this notion are falling behind,  in terms of human capital attrition and revenue decline. Turnover is directly related to the loss of revenue. It’s estimated that it costs $3,500 in lost revenue to replace an employee who was making $8 an hour. Obviously those costs go up as employee wage and nontangible values rise. HR professionals need to take a more personalized, individual approach to retention. Addressing employees' individual needs is important in keeping top talent retained. According to Larry Alton, “Individualization accomplishes many goals at once. It demonstrates that your business cares about its employees, and is willing to make sacrifices to keep them on board. It satisfies the modern worker’s need for personal development and freedom. It even helps workers find the work they feel is most rewarding, and accomplish it in more productive ways.”

View Source:
Be the first to comment
Sign In to Post a Comment
Sorry! Something went wrong on our end. Please try again later.