Business Case Diversity Retention
Research suggests that the cost of replacing a valued employee ranges from 100% to 300% of annual salary, not including lost productivity, lost business, impact on customer satisfaction, decrease in morale, and loss of intellectual capital.
Avoid Diversity Turnover during Economic Downturns
When an economic downturn occurs, lay-offs are almost inevitable. But there is a critical need to hold onto minorities. During these difficult times, many corporations may let go a disproportionate amount of diversity employees, thus undoing all previous diversity recruiting efforts. These are the people who will lead the organization to future success and you can’t afford to lose them. It is important to keep up diversity and inclusiveness and gauge the strengths and problems before it’s too late.
Strategies to Retain Diversity
Map opportunities for people to move and grow within the company
Effective, sustainable organizations anticipate the leadership and talent they will need to succeed in the future. Leaders understand that it’s critical to build their bench strength of talent through succession planning, professional development, job rotation, and workforce planning. Managers must identify high-potential talent and design (implement and manage) succession plans.
Align rewards and recognition with your business strategy
Successful companies make sure their employees understand the link between job performance and pay. Whether it’s base pay, bonus, or stock, employees who understand how and why they get rewarded perform better. And it’s not all about money – research shows that employees rate pay lower on their list of needs than recognition for a job well done.