| 2010 - Are you ready? |
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Take heart. It has just been reported that Canada has emerged from the recession by posting an annualised growth rate of 0.4 percent in the third quarter. What does this mean for your business and, more importantly, your employees? There is a lot of chatter in the blogosphere and the newswires about the pent-up energy in the current workforce. During this downturn, employees have been staying in their jobs for fear of not finding other suitable employment. With the recovery on its way, however, there is a great potential for employee "churn"; that is, current employees may be eager to seek what they perceive as better opportunities elsewhere. This churn has the potential to be very expensive to employers -- it is estimated that employee turnover can cost the employer up to three times the annual salary of the employee in terms of lost time and business opportunities, as well as the additional resources needed for recruiting and training new employees. A recent survey of top executives indicates that retention is going to be one of the biggest challenges faced in 2010. Employers need to be thinking of how they are going to retain their best talent in the coming year. Are you ready? Related News Links
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