No company likes it when a key employee leaves. In addition to the loss of the person’s institutional knowledge and valued expertise, the business now has to find a replacement. The cost of filling the position is not for the fainthearted—as much as two times the salary of a highly educated executive and one-fifth the salary of a mid-level employee—according to the Center for American Progress.
What constitutes the high expense? More than one would imagine. “You’ve got traditional recruitment costs like advertising, background screening and interviews, in addition to onboarding the person and training them,” says Josh Bersin, principal at HR consultancy Bersin by Deloitte. “There’s also a loss of productivity, as it often takes a couple years for the new hire to get up to speed. And when employees see their colleagues pack up and go, they wonder why, which affects their productivity.”
Given the direct and indirect costs of worker turnover, the onus is on employers to engage current employees so they stay put. Studies indicate there is bottom-line value in holding on to the talent you have versus replacing it. (See Fig. 1). The way to engage employees is to give them a sense of purpose, truly meaningful work experiences and transparent feedback.
These elements must be embedded in the company’s culture. “Culture eats strategy every day for breakfast,” says Jeanne Beliveau-Dunn, vice president and general manager at Cisco, and author of the book, I’m the Boss of Me: A Guide to Owning Your Career. “People want to be inspired, particularly Millennials. They want to stay with a business, despite what the surveys indicate. The problem is that most companies bore the heck out of them.”
To keep them in place, she recommends giving Millennials and all other employees “stretch assignments,” whereby they can learn new things, expand their skill-sets and otherwise prove their merit. “Hiring young, smart talent is every company’s objective, but it’s the quality of the work experiences that count,” says Beliveau-Dunn. “Either you stretch them or they will leave.”
Figure 1
Economic Value of an Employee to the Organization over Time
Most employees initially are a “cost” to a business, but over time with the right talent practices, they become more and more valuable.
Source: Bersin at Deloitte
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
