Building retention while building the firm

From startup to mature firm, retention plans combat unwanted turnover
By Rod Graham
|Canadian HR Reporter|Last Updated: 04/13/2005

Given the high costs of losing an employee — hiring and training replacement staff, decreased productivity due to the loss of experience and knowledge — companies would do well to make retaining workers the first item on the corporate growth plan list.

Companies that spend more money on retaining employees are those that ultimately grow, an increasing number of studies have shown. Where to spend, however, depends on the maturity of the company — where it is at in its progress from “infancy,” “pre-teen,” “teenage” through to “adulthood.” Here are some suggestions on how to keep employees committed at each level of growth to ensure the organization successfully reaches adulthood and thrives.