It’s often said that employees are the company’s most important assets; too often they’re not treated as such. Machines constantly get regular maintenance. Technology is regularly refreshed and updated. We give employees time off, mostly, I think, on the presumption that those interludes are what’s needed to recharge their batteries. Since companies regularly have to trade-in a whole range of assets as they wear out, I suspect that some of that thinking leads to ambivalence about employee attrition/turnover. But hold on, you shouldn’t be that cavalier about your human assets. You invest a lot of money in each employee – recruitment, competitive wages and salaries, training, and the time and payroll to get each to expected productivity levels. That total investment (which is both necessary and probably more than you think) should motivate you to do things to get them to stay so you can get the maximum rate of return on it. These are called Employee relations strategies to promote retention: including (but certainly not limited to) effective internal communications, an environment that supports the development of their skills (continuous training, coaching, mentoring, cross training), career opportunities, management training (technical and soft skills), a robust recognition and reward program, programs to promote engagement, policies and practices that show you care, and more. Use your imagination. Positive Employee Relations makes a company a place where employees can and want to have a long, productive, and rewarding career. A place where they can be happy, valuable, and loyal (firmly and constantly). It takes time, patience, discipline, and focus to get there. But worth it. Because the longer an employee’s tenure, the higher the return on the total investment in them. Invest in your employees today.
Socrates (470 – 399 BC): Greek philosopher from Athens who is credited as the founder of Western philosophy and as among the first moral philosophers of the ethical tradition of thought. Learn more about Socrates: https://en.wikipedia.org/wiki/Socrates
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