According to Noah Webster, “Retention is the act or power of keeping or retaining. Corporately, retention is the power to keep employees actively engaged and committed to being an integral part of the organization.”
Webster separates employee retention from standard retention. However, I have read about, seen and experienced a direct correlation of employee retention with stock price and EBITA. When a company does a great job of hiring the right people and then they do a great job of retaining them, they maximize their ability to secure and retain market-share. The businesses that have cracked the code on recruitment and talent management hold on to customers longer, are in a position to proactively solve their customers’ problems, and have the ability to be on the leading edge in offering new and innovative solutions to their customers because of a steady stream of new knowledge and solid relationships. The correlation between employee retention and profitability makes perfect sense.
Impacting your company’s ability to retain your key contributors, mission-critical players and next-level leaders begins with you understanding where people are at from a of view.
It is important to note that today’s workplace psychological state is at an all-time low—peopleare too discouraged to go the extra mile; they are waiting for the other shoe to drop. The workforce of 2010 is mistrustful and skeptical. The top issues affecting workplace psychology and employee engagement are “warm chair attrition,” when the body shows up but the mind and heart have been left at home, and “corporate cocooning,” when the mature, highly experienced worker is hoarding information, afraid to share with or train others for fear of being replaced. Yet another is young working parents choosing their families first. Many in this group opt for working at home or only going to the office part-time. A great many people in this demographic are looking for life/work navigation