| | SEPTEMBER 20208EXPERTS TALKThis is a period of significant disruption. Organi-zations are in survival mode and, for many, that has meant furloughing staff, making layoffs, and freezing hiring. This means that retention may not be a top priority given current challenges. But fail to retain your best talent now and your business' growth prospects will be hindered for years to come. Before today, 54 percentof Indian workers were seriously considering leaving their jobs. This may well have increased because of recent events, with employees shaken by the changes to their work rou-tine alongside economic and job insecurity. The Cost Of Low RetentionReplacing talent is expensive. There's the cost of hir-ing, but also onboarding and lost productivity while an employee gets familiar with the company. Due to the current economic outlook, finances must be op-timized and that means retaining your best talent. 45 percent of employers reported turnover costs of $10,000 per lost employee, 20 percent have costs closer to $30,000. This money could be better spent on retaining employees, redeploying them to new roles, and upskilling them to meet changing busi-ness demands. Improving Your RetentionSo, How Can You Improve Your Retention Today?People-CenteredFirst, you must prioritize your people. Understand their motivations, their concerns, and ambitions. Job security will be a significant driving factor at the mo-ment. Simultaneously, people are watching employ-ers closely, assessing their response to current chal-lenges. The organizations that treat their people well will reap the rewards in the long-term. Now is the best time to have your employees as advocates. By Dan Tesnjak, VP ­ EMEA and APAC, DegreedDan has 15+ years' work experience in Global Sales, Marketing and Business Development Leadership. He has terrific skills in revenue generation evangelizing complex and disruptive SaaS/Cloud/Technology solutions for topnotch companies.WHY RETAINING TALENT MATTERS NOW, MORE THAN EVERDan TesnjakTHOUGHT LEADERSHIP
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