Talent Retention & Turnover Rates
Retention of talent is becoming a major concern for companies in asia-pacific. Since 2010 turnover rates have been increasing and varry from 15-30%. Talent Retention is not just a matter of cost, but also the expertise of key talent has become a competitive advantage from knowledge-based organizations.
Talent Turnover Cost
Asia Pacific’s organizations are incurring significant costs due to high turnover rates and short average tenures. Replacing an employee can cost several times their annual salary, due to :
- Recruitment Cost
- Onboading Cost
- Training Cost
- Lost Productivity Cost
- Lost Morale
- Poor Company Reputation
Talent Retention & Employee Satisfaction Surveys
Traditional ESI-Surveys have structural shortcomings. Employee Satisfaction Surveys provide insights into the organizational culture, but…
- Results do not identify issues with individuals
- results do not lead into individual action plans
- theere is no multiplication of best practices
Common employee surveys are inadequate for development of effective retention strategies.
Talent Retention & Engagement
Key Questions for Talent Retention & Development are often unanswered :
- Do we truly understand the concerns of our talent ?
- How well do you understand the motivation level of individuals in the organization ?
- Do you efficiently exchange best practices from one manager to the other – even when managers leave ?
- How well do managers really know how they are perceived from their team ?
- How well can the organization support the managers in developing talent in their teams ?
Talent Retention for Senior Staff
Turnover cost are significantly higher for top talent than basic workers. Statistics provide solid data of the massive expenses and inefficiency generated from top talent leaving the organization.
For information on how we support organization to keep and develop talent, please check out the following pages: