The business paradigm in virtually every department of the modern professional servicing business has been undergoing a continuous change in the last ten years to such an extent that it becomes necessary to step back and review how we do professional servicing business in all aspects of corporate life in light of new markets and new ways even our employees do business. This is as much true in our Human Resource Department as it is in Marketing.
The labor pool is changing and the impact on the bottom line of the business can see be serious if we don't change how we go about recruitment and view employee retention in light of the changes to the available educated labor "out there" to draw upon for our staffing needs.
Employee retention and how we approach the concept of keeping employees over many years is an area where certain assumptions must be challenged if we are going to stay competitive. Some assumptions concerning employee retention that are rapidly becoming obsolete include:
The labor pool in changing with shifts in the demographics in the country and those changes make these assumptions obsolete and dangerous if we expect to keep a staff that can provide quality support for our professioal servicing business objectives. Because the "baby boom" is leaving the market and being replaced with a smaller and less skilled youth population, we have to adjust our expectations both in terms of hiring and retention.
Probably the biggest change we have to get used to is to begin to view employees as valued assets and to give significant attention to retention, not just once a year at performance review time but on a daily and weekly basis. The assumption that employees will work for us for a paycheck and that we can exert leverage in the management situation because of a large labor pool we can tap to replace unhappy employees has become a flawed approach to people management.
The truth is the pool of talented labor is shirking at an alarming rate. If you have a staff of skilled people who you have invested in to bring up their knowledge and skill levels, that is an investment worth. Skilled and educated employees are in short supply and, above all, they know they are in demand so they can move from job to job without difficulty if they become dissatisfied at their current workplace.
The managers who will excel at retaining valuable, productive and trained employees will be those who see the employment relationship as a contract in which management has responsibilities to employees to assure their continued growth and success just as the employee must pull his weight in the company. A partnership approach to management will go a long way toward improving the professional servicing company's retention profile which will benefit the business in a multitude of ways.
Employee retention in the 21st century is being threatened by many things. One major problem that is making this difficult is the growing trend that is being witnessed among the many major key corporations that are embracing automation over employing human staff. While the benefits they get from adopting automation systems far exceeds the benefits of hiring a human, the challenges this poses for the future of the labor market is something that should not be ignored.
Employee retention in the 21st century is something that many would give little thought too, but it's still pretty much relevant in our day and age. Managers and business heads notice exceptional employees and invest in their development to benefit the company in the long ran. Some employees are harder to replace, which causes many companies to have an employee retention programs that addresses all the issues affecting their top performing staff.