Don't you find it funny that we talk about the cost of hiring but never about the cost of failure in leveraging employees' talent while they are with us?
We all know, and I keep talking about new ways of thinking about people management practices because the ones we have today originate back a hundred years. Losing manual labour had an immediate cost on output and hiring.
The cost of hiring knowledge workers can be easily offset by leveraging their talent even if they are with us for three months.
The lack of focus on getting the best out of people is costing companies more than recruitment.
We know that the young generations are hard to retain and this shouldn't be the only focus. Or the focus at all. What if we approached turnover differently so companies can benefit from an employee who only stays three months? Why don't we aim for this way of looking at turnover?
An employee stayed for six months but during that period had an idea that changed the way we do marketing and the new set up way yields more money.
An employee who was with us for three months implemented new procedures that made 28 people more efficient and effective resulting in greater productivity and so much money.
A Gen Z quit after his first week leaving us the comment that the company is not using available technology for its onboarding process that could make it more efficient. If technology is implemented it would yield better employee experience, fewer hours of work for HR admin, and employees would be able to join operations quicker.
How would these not be beneficial to any company?
If you cannot fight the generational mindset you need to find a way not to be a victim to it. Instead of desperately trying to change them (we will not) we should change our approach.
The money is not in the retention, it is in our ability to harvest their talent & ideas from day one. The only reason recruitment is costing us is because we don't know what to do with talent. So stop counting the pennies where they don't matter.
Measure managers' ability to bring the best out of their employees and you will immediately get rid of your retention data.