According to US business magazine Fortune, the ability to attract and retain talented employees is the single most reliable predictor of excellence among many of the world's top companies.
Losing one or two key people can have a significant impact on the longevity or profitability of your business. Holding on to the right employees is a major business issue - but unfortunately, some companies just can't seem to do it.
A new white paper from human resources specialists TriNet outlines the key issues to address when it comes to retaining staff: deciding what is an acceptable rate of attrition, and learning how to determine which staff are crucial to your operation and which are not.
By employing a "uniqueness grid", assigning values to key skills that are difficult to replace, managers can both identify problems and mitigate the risks involved in staff turnover.
The paper discusses factors such as the effect staff turnover has on those workers who remain - as well as looking at the costs to business, both in the short and long term, of a failure to invest adequately in existing staff.
As the paper notes, the companies most effective at retaining people are those with people at the top who understand it is a business issue.
Through the tools provided in TriNet's insightful white paper, managers can learn the benefits of effectively managing their staff retention, and equip themselves for long-term success.
Download the white paper from our sister site ITWhitePapers.co.uk here.