Loading
  • Privacy Policy
  • Terms and Conditions
Canadian Print Scholarships
  • LinkedIn
  • Facebook
  • Twitter
  • Instagram
  • Home
  • Community
    • Donors
    • Schools
    • Students
    • Trustees
  • Scholarships
    • Canadian Printing Industries Scholarship
    • Warren Wilkins Memorial Scholarship
    • Special Scholarships
    • Eligibility
  • News
  • Events
  • Blog
  • Jobs
    • About
    • Job Listings
    • Employers
    • Employer Area
      • Job Dashboard
      • Resume Listings
      • Submit Job
      • Submit Corporate Overview
    • Candidate Area
      • Candidate Dashboard
      • Submit Resume
    • Register
  • Contact
  • Donate
  • Menu Menu
Think of Talent Retention Like You Think of Customer Retention

Think of Talent Retention Like You Think of Customer Retention

2022-02-10/in Articles/by Editor

Source: HR Daily Advisor
Author: Lin Grensing-Pophal, Contributing Editor

The expression, you don’t know what you’ve got until it’s gone is all too true in employee retention. Far too often businesses don’t pay enough attention to individual employee satisfaction until a prized employee puts in their notice. Companies might scramble to offer the departing worker more money or change up their responsibilities, but by that point it’s almost always too late.

Valuing Employees as You Value Customers

It’s a curious problem for companies to be in, because most companies are well aware of the crucial importance of investing in customer retention. There’s an oft-repeated estimate that it costs about five times as much money to acquire a new customer than it does to keep an existing customer.

The same logic applies to employees. All else being equal—i.e., employee performance, job role, education, experience, etc.—it’s much more expensive to keep an existing employee than to recruit, hire, onboard and train a new one.

“The average company in the US spends about $4,000 to hire a new employee, taking up to 52 days to fill a position,” says Ryan Healy, President and Founder of Brazen. “Companies today are finding themselves engaged in an escalating ‘talent war’ that shows no signs of slowing in 2022, and their best defense is talent retention. Optionality around where to work, competitive pay and benefits and work/life balance have become bargaining chips that translate to employee satisfaction and reduced costly turnover for companies.”

Avoiding the Ripple Effect

Moreover, employee turnover has a ripple effect throughout the team and broader organization. For one, the mere fact that colleagues are quitting and finding better opportunities elsewhere almost always makes those left behind consider pursuing better options themselves.

On a more direct level, turnover places additional burden on the remaining staff. Even if a replacement is hired immediately, it takes time to get them up to speed, and the rest of the team is forced to not only help pick up the slack but also to spend time helping to train the new team member, even if only informally through answering questions throughout the day. It’s extremely difficult to quantify the financial cost of the ripple effect of turnover, but it’s certainly not nothing.

It’s important for companies to drive this point home for their managers: losing and replacing staff is costly; therefore, the organization needs to invest heavily in employee retention.

The post Think of Talent Retention Like You Think of Customer Retention appeared first on HR Daily Advisor.

Visit Website

“The mission of Canadian Print Scholarships is to attract the brightest and best students available to the graphic communications industry by providing financial assistance to enroll and continue in a post-secondary management or technical program at an approved institution.”

#print #printingindustry #packaging #signage #scholarships

Tags: Leadership
Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
  • Share by Mail
  • Link to Instagram
You might also like
It’s time for full workplace inclusion for people with disabilitiesIt’s time for full workplace inclusion for people with disabilities
Building a Diverse and Satisfied Workforce with Human Experience ManagementBuilding a Diverse and Satisfied Workforce with Human Experience Management
5 tips for fostering a successful hybrid workplace 5 tips for fostering a successful hybrid workplace 
This easy tip boosts night shift worker healthThis easy tip boosts night shift worker health
Why I Believe Employees, Not Customers, Should Come FirstWhy I Believe Employees, Not Customers, Should Come First
Why every leader needs to be a risk managerWhy every leader needs to be a risk manager

Get Our Newsletter!

"*" indicates required fields

Email*
This field is for validation purposes and should be left unchanged.

Address

Canadian Printing Industries Scholarship Trust Fund
630 – 2 Campbell Drive
Uxbridge, ON L9P 0A3

Get our Newsletter!

"*" indicates required fields

Email*
This field is for validation purposes and should be left unchanged.

Mission

“The mission of Canadian Print Scholarships is to attract the brightest and best students available to the graphic communications industry by providing financial assistance to enroll and continue in a post-secondary management or technical program at an approved institution.”

© Copyright · Canadian Printing Industries Scholarship Trust Fund - Enfold Theme by Kriesi
  • LinkedIn
  • Facebook
  • Twitter
  • Instagram
Student Focus: Will SnyderWill SnyderRRD Canada LogoDonor Focus: RRD Canada
Scroll to top

This site uses cookies. By continuing to browse the site, you are agreeing to our use of cookies.

OKLearn more

Cookie and Privacy Settings



How we use cookies

We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

Essential Website Cookies

These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

Other external services

We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

Google Webfont Settings:

Google Map Settings:

Google reCaptcha Settings:

Vimeo and Youtube video embeds:

Privacy Policy

You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

Privacy Policy
Accept settingsHide notification only