Satyam Khandelwal’s Post

"The cost to replace an employee can be up to two times the employee's annual salary". There's currently a lot of buzz around employee retention, and it's absolutely possible to keep employees for the long haul.   This morning, I received a message from a candidate reminding me that I placed them a decade ago, and they're still with the same client. It certainly brought a smile to my face. Credit to both the candidate and the client for their long term partnership!   Curious, I asked the candidate what has kept them there for 10 years:   💡Opportunities for both professional and personal growth   💡Trust in their expertise and autonomy in their work. 💡Seeing the company’s journey from start up to a well-established and thriving organisation. 💡Clear financial rewards and pathways to progression. 💡A really great boss who communicates clearly. 💡An inclusive and fair culture.   Whilst it's true that retaining employees beyond five years is uncommon, given the sometimes unpredictable market and competitive nature of hiring top talent, candidates are often getting itchy feet 12-18 months in to their roles.   12-18 months is really no time at all given how long it takes for new employees to be onboarded. Have you reviewed your retention strategy recently?   Human Connection is Key! Not on Email, Whatsapp, Slack, Teams, but a face to face conversation and consider the following:     ❓ How are you investing in your employees skill set, what are their ambitions? ❓Do you clarify on possible career progression opportunities? ❓Are you doing regular check ins with employees, both personally and professionally? ❓Do you know what motivates them? ❓When were they last recognised for their hard work? ❓Do you dedicate one on one time for them? ❓Do you have transparent and constructive annual reviews? ❓How do you communicate company updates and changes?   Often, we assume everything is fine until we're faced with a resignation, which can be too late. Holding onto a candidate for three years or more in this competitive landscape is honestly a great achievement. 

The Harsh Reality: Promoting New Hires Over Loyal Employees In many companies today, there's a troubling trend that loyal employees are all too familiar with: the lack of promotions and salary hikes for those who have been with the organization for years. Instead, new hires are often brought in with higher salaries and more power. It's a tough pill to swallow for those who have invested significant time, effort, and passion into their roles. These dedicated employees have helped build and sustain the company's success, only to watch newcomers reap the rewards they have long deserved. Here's why this approach is problematic: Loss of Experience and Knowledge: Long-term employees possess invaluable institutional knowledge and expertise that new hires simply can't match. Overlooking their contributions can lead to a brain drain that negatively impacts the company. Decreased Morale and Engagement: When loyal employees see new hires being favored, it can severely damage morale and reduce engagement. This often results in decreased productivity and a higher turnover rate, as disillusioned employees seek opportunities where their efforts are recognized and rewarded. Undermining Company Culture: Favoring new hires over loyal employees can create a toxic work environment. It sends a message that loyalty and hard work aren't valued, leading to a culture of dissatisfaction and mistrust. Short-Term Gains vs. Long-Term Success: While hiring new talent can bring fresh perspectives and skills, neglecting the growth and development of existing employees can undermine the company's long-term success. A balanced approach that values both new and existing talent is essential. Companies need to recognize the importance of rewarding loyalty and dedication. Investing in the growth and development of long-term employees not only honors their contributions but also strengthens the overall health and success of the organization. It's time to value our loyal employees and ensure they receive the recognition and rewards they deserve. #promotion#Bad manager# # bad management # Reality #corporate#politics#

Retention of top talent goes beyond salary and perks. It’s about creating a workplace where people feel valued, seen, and recognized for their contributions. When employees know they’re appreciated, they stay engaged, innovative, and loyal. This isn't just about preventing turnover—it's about cultivating an environment that fosters continuous growth, motivation, and genuine connection. If leaders can actively acknowledge achievements and provide pathways for advancement, they build a team that's not only skilled but deeply invested in the company's success. Let’s normalize building spaces where employees don’t just work—they thrive, collaborate, and feel a sense of belonging. Recognition isn’t just a nice-to-have; it’s essential for long-term growth. Let’s aim to make the workplace a place people want to be, where potential is realized, and loyalty is earned. Keep your top talent motivated—show them their value, and they’ll stick around. If this resonated with you, you will enjoy my new book: Grab your eBook here: https://lnkd.in/e_8fkEyP Grab your paperback or hardcover on Amazon: https://a.co/d/cDBfvZ7 _________________________________________
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Maintaining Employee Retention! The best way to maintain an excellent balance of employees within your company is to never forget who you already have! Before you consider posting a position, look within your team, and see who could fill the current opening. There is a possibility someone has shown interest or has mentioned branching over to another department or position. I mention to others that it is easier to uplift and train a current employee, than to bring in someone new. Depending on the role, this can make the transition smoother and cut down the time for an individual to adjust. When I say adjust, I mean expressing ideas without hesitation since the team member is familiar with the company and staff. Now that other team members notice the open opportunities within the company, the team will feel better with the additional opportunities. This will reduce the number of resignations due to employees feeling a lack of growth within the company. In addition, better opportunities to excel in higher positions with a boost in pay can possibly open the door into management roles. So, let’s just sum this up by looking within your company for the best candidates first, to maintain the morale of the team first, before we look outside for candidates. The team that has pushed and advocated for the company should get their chance to shine! #EmployeeRetention #EmployeeGrowth #HireWithin #EmployeeEngagement

We see you, HR Director and Hiring Manager, trying to keep your talent happy and productive. It’s hard out there with so much competition and ever-increasingly complex demands. Don’t worry, we’ve got you covered! 4 Retention Strategies to Keep Top Talent from Quitting 1️⃣ Offer Competitive Compensation: In a competitive market when you want to attract or keep the best, you have no other choice. 2️⃣ Clarify and Structure Employee Feedback: It has to make sense and it has to be engaging. 3️⃣ Provide Opportunities to Learn: Invest in their present and future, so they’re more invested in seeing a future with YOU. 4️⃣ Empower Your Employees: Recognize their contributions, give them a voice, and listen to their ideas. Read more on these strategies here: https://heyor.ca/x0UOgY Or, if you want to get straight to hiring the best in the IT field, connect with IDR here: https://heyor.ca/3BKfk5 #ITstaffing #hiringmanager #HRdirector #techstaffing #ITjobs

What’s the true cost of key employees leaving projects? Average employee tenure for companies in the US is reported to be around 4 years. There are a few exceptions however this seems fairly typical globally.  AVERAGE project timescales in highly regulated industries are believed to be between 5 and 10.5 years. It seems therefore unreasonable to expect that the team that starts a project will still be in place when products are launched. I was curious to understand if anyone had tried to measure the full effect that team member changes have on projects and organizations in terms of $’s and time. The complete impact cost is of course difficult to measure and will vary dependent on the individual, role, seniority, project status and how well your organization has prepared for such a change (both pre and post resignation). There are a number of studies that have tried to capture the combined cost of recruiting and onboarding a replacement employee, lost productivity, lost engagement from other employees and the cultural impact as the employees leave. According to Gallup, the cost of losing and replacing an employee is 0.5 to 2 times the employee's annual salary. Monster put it at between 75% and 200% of the worker’s annual pay. The Center for American Progress (CAP), found that the cost is up to up to 213% of annual salary for highly specialized jobs with high education and training requirements.  These costs are clearly significant and should of course motivate organizations to develop retention programs and incentives for key team members.  Particularly though in highly regulated industries, the impact on a project’s progress can go far beyond the productivity of the individual who leaves or joins part-way through projects.   As I can’t find a study that fully captures the impact of such events, I plan to conduct one. I am looking for leaders from industries such as MedTech, Pharma, Biopharma, Financial Services and Aerospace and Defense to help develop our understanding of this cost per industry and job function.  If you are willing to participate and get an in-depth understanding for your industry, please get in touch either via LinkedIn or at mat.stratton@coalition.ltd

If you're thinking of filling an open position at your organization, you might consider welcoming back a former employee. However, before taking this step, it's essential to weigh the pros and cons to determine if it's the best decision for your company. The advantages of hiring a former employee: > They can quickly integrate into the company's rhythm, thanks to their familiarity with its operations. This not only speeds up the onboarding process but also ensures they can contribute effectively from day one. > Their pre-existing knowledge and skills can be immediately leveraged, potentially leading to innovative contributions and enhanced productivity. > Returning employees are often more engaged and loyal, having realized the value of your company culture and opportunities after their hiatus. On the other hand, there are some potential pitfalls to consider: > Unresolved issues from their previous tenure could resurface, potentially harming team morale and productivity. > The uncertainty surrounding their long-term commitment can be a concern, making it challenging to justify the investment in their return. To learn more about the pros and cons, as well as other factors to consider, read our full article below. Do you have experience with boomerang employees? Would love to hear your thoughts in the comments. https://lnkd.in/eMEbmUxu #TalentAcquisition #BoomerangEmployees #Recruitment

Every hard-working employee deserves a fair appraisal every year. Don't wait for years to get the recognition you deserve! Establish an open dialogue with your boss to ensure mutual expectations are met. Unfortunately, many employers fail to value their exceptional employees and take them for granted. Instead, they opt for hiring inexperienced staff for less pay and then invest time and effort in training them. This shortsighted approach fails on many levels. Studies have shown that it's almost 10 times more expensive to hire a new employee than to retain an existing staff member. Politics also play a big role in this unjust cycle of events. Showing loyalty to an organization doesn't always result in the same response. It's important to look out for your own self-interests, but it's important to remember that not all employers behave this way. Employees should be loyal and fulfill their obligations and responsibilities towards their organization. However, they should not expect the same loyalty in return from their employer. Switching jobs shouldn't be solely for small financial benefits, but also for potential skill development and career exposure.

Why We Should Appreciate Existing Employees More Than New Hires Employee retention is a huge issue for companies today. The average turnover rate is around 15% annually, costing U.S. companies over $1 trillion. High turnover damages company culture, hurts productivity and innovation, and causes knowledge loss. Yet despite these staggering costs, many companies put more effort into attracting new talent than retaining existing talent. Leadership gets excited about hiring shiny new employees but fails to show the same enthusiasm for long-term staffers. They throw welcome parties for new hires while neglecting employees who have put in years of hard work. This is backwards thinking. New employees come in with fresh energy and new ideas, but existing employees are what make the company run. They have the institutional knowledge and experience to train new hires and maintain productivity during transitions. Their loyalty and camaraderie also contribute immensely to company culture. Losing good existing employees means losing your organization's heart. No flashy new hire can immediately replace someone who has built relationships and knows how things really work. In my opinion: Companies need to shift their focus to engaging and rewarding current employees. Small, consistent efforts make a difference - from remembering birthdays and work anniversaries to providing development opportunities. Investing in retention boosts morale, keeps great employees around longer, and prevents costly turnover. Appreciating existing employees isn't just feel-good fluff. It directly impacts the bottom line in recruiting, onboarding, training, and productivity costs. Smart leaders understand the value of their seasoned staff and make them feel valued. Their companies reap the benefits in performance, culture, and the ability to attract talent. Loyal employees are a company's backbone. Let's start giving them the recognition they deserve. #Appreciation #Recruitment #hr #humanresources #hrcommunity #hrconsulting #hrmanagers #humanresourcesmanagement #hrm #hrcareers

Anyone who has recently hired a new employee will attest to it being an expensive process, in fact it can cost up to £15,000 to hire and onboard a new employee and that's before factoring in that hiring eats up a month of time. Before the new hire has walked in the door you've already invested in them heavily without even realising it. Now that they've joined your team, you'll want them to perform well and be part of your team long-term. There's no panacea for employee retention, it's a complex mix for each individual but frequently includes salary, development opportunities, flexible working arrangements, the companies reputation and its culture and leadership. This is where we can help, its been shown that companies with strong culture experience 40% lower staff turnover rates. We work with senior leaders to help them build a strong organisational culture.   Given the time and cost that businesses invest in hiring the best people, why wouldn't you also invest in employee retention initiatives?    To explore how Quirk can help you on this journey enhance DM Katie Taylor.   #Recruitment #HR #culture #leadership