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According to a study conducted by the Society for Human Resource Management (SHRM), the estimated cost of losing a talented employee is 150% of his/her annual salary and includes recruiting, interviewing, hiring, training and lost productivity costs. Therefore, employee retention has become a top priority for many organisations.
Here are some strategies to help retain your organisation’s talent:
Avoid unnecessary layoffs. Reducing an organisation’s expenses by carrying out layoffs can be counterproductive in the long-run because it leads to job insecurity among the remaining employees, who may start to look for other options. Layoffs should be carried out with prudence and only when the organisation is facing a financial crisis or in dire need to restructure.