The Formula for Employee Retention

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http://www.forbes.com/sites/mikemyatt/2012/12/13/10-reasons-your-top-talent-will-leave-you/

As referenced by the article in Forbes, 10 Reasons Your Top Talent Will Leave You, “Few things in business are as costly and disruptive as unexpected talent departures”. In 2014, organizations need to look for new and unique ways to engage, develop and inspire their Talent. The most successful growth oriented companies recognize that people drive the success and /or failure of an organization, so investing in their people is essential. It is important to mention that increasing salary and/or benefits is one way to motivate and engage employees but is rarely enough to retain them long term. Organizations need to not only provide competitive salaries and benefits, but they need to provide better tools to help their employees take ownership and drive their own careers and create transparency in the process of internal mobility.

With the cost of replacing employees ranging between 30 percent and 300 percent of annual salary, it is essential for companies to create effective programs and invest in tools to help retain their Talent. According to the Forbes article, “employees who are challenged, engaged, valued, and rewarded (emotionally, intellectually & financially) rarely leave, and more importantly, they perform at very high levels.” In my opinion, Talent leaves most often for emotional reasons, so the formula for retaining employees starts with engaging and rewarding your employees. If an employee feels like they are well paid and has strong benefits; is motivated about their work; feels like the company is investing in developing them professionally; and can see the internal career growth opportunities within their company, then you will truly have a motivated, engaged, inspired employee, who you are more likely to retain.

Joe Napoli, VP of Sales at Zapoint, Inc.

Joe joined Zapoint in January 2013, he brings to Zapoint more than 20 years of Strategic Sales and Management experience in the Recruiting and Career Management industry.

Prior to joining Zapoint, Joe spent 10 years at Monster Worldwide in strategic sales and management.  Recognized as one of the top sales professionals at Monster, he had been responsible for selling customized recruitment and technology solutions to global customers within the Commercial, Enterprise, Staffing, Government and Education segments.  Directly out of college, Joe worked for 11 years in the Recruiting Industry.  He held every conceivable role within the staffing industry culminating in the successful launch and management of a new Technology, Manufacturing and Industrial Practice.  During his tenure as Practice Director, he drove the Practice to recognize double digit revenue growth every year.

Joe received a Bachelors degree in Political Science from Colgate University in Hamilton,  NY.

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1 Comment

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  6. 2014-02-20 11:38:08

    Salary and benefits are important in attracting the right talent, in that there's a market rate that needs to be paid to attract someone at the right level and clearly some companies have more attractive benefits - in the US especially, you often hear people talking about working for the benefits, or choosing to work for a larger company because of the stronger benefits packages. At the end of the day, everyone would like to earn more money, but the regular pay-check is your minimum expectation as compensation for being at work and the experience while at work is what keeps you there. There's also presumably a big difference depending on your function, career-stage and also whether you're part of Gen X, Gen Y etc. A sales person paid purely on commission, who has no interest in proceeding down a management track may well be far more motivated to move for more money, but given how much of our time we all spend in the office, it's important to feel that you are rewarded emotionally as well as financially.

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