Is retaining your intellectual capital just as important as retaining your financial capital? Could it hit your bottom line just as hard?
After speaking with business owners, the common theme beyond the obvious financial concern is retaining their staff when this is all over. After a recent survey of our 65,000 local candidates, there is reason for concern.
We know that replacing an employee could cost between 50% to 150% of their annual salary.
It is paramount to keep the business afloat financially but what happens when business is back to normal or best-case ramps up and you haven’t managed to keep your workforce afloat?
Here’s what we found;
- 75% of employees will be looking for another opportunity once this is all over
- 25% of employees feel poorly managed by their leadership teams through Covid-19
- 32% of employees said their employer has handled the Covid-19 response as average
In total 57% of us feel our employers have been average or poor while handling Covid-19.
Sure, stress levels have spiked and we understand these are unusual circumstances. All this being said, it doesn’t change the result or the flow on impact for your business.
I should note that 15% responded with “excellent” and 28% said “good.” Congratulations to those employers.
Are you comfortable with which employer you fall under?
This data has certainly made me consider what our Western Sydney job market might look like after all of this. I imagine, 2021 will have some major new year’s resolutions acted out. There certainly is plenty of reflection time for employees.
How do you think the recovery phase will go without your best staff on hand?
Written by Nicole Sisinni Principal Consultant
e. firstname.lastname@example.org p. 8854 4124