Retention rates and turnover are flipsides of the same issue. Are you keeping the people youve hired? Or are you constantly replacing them?
Mercer Human Resource Consultings China Employee Attraction and Retention Survey is based on more than 100 companies throughout China and Hong Kong. These locations are experiencing alarming rates of turnover. Average tenure for 25-35 year olds”the age group targeted most by multinational companies”fell from an average of 3 to 5 years in 2004 to just 1 to 2 years in 2005. Although the rates for your organization may not be this extreme, its instructive to review the research.
The reports findings reinforce the basics: the salary and benefits package is very important, closely followed by career development opportunities.
Take a look at your own organizations, wherever they are located. With all the work you are doing on hiring new talent, what methods are in place for keeping them?
