This HRKatha article explores balancing employee retention with hiring new talent. While retention is often seen as cost-effective, a recent survey shows even significant pay raises may not retain many employees.
The article argues that holding onto employees misaligned with company goals can be counterproductive. A balanced strategy ⚖ —>identifying high-potential employees while welcoming new 🌟 talent —>is key to success.
Hudson RPO's global survey found that 44% of employees would leave even with a 30% pay 💵 raise, highlighting that financial incentives alone aren't enough. Long-term employees may grow complacent, while fresh talent brings new perspectives and drives innovation.
However, before you bid farewell to your retention efforts, here’s a strategy to ensure you're on the right track:
🎯 Understand Why Employees Leave: Use surveys and data to identify why employees are leaving.
🎯Focus on Key Areas: Pinpoint one or two important areas for improvement and take action.
🎯Measure Progress: Regularly track retention metrics and improvements.
🎯Iterate: Continuously refine your strategy based on feedback and results.
Let’s create workplaces where employees feel valued and new talent is welcomed.
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