Improving Job Retention through Private-Public Partnerships
Thursday, December 1, 2016
American Public Human Services Association | Policy & Practice
The reality of ongoing turnover and recruiting costs to businesses and organizations affects the bottom line on a daily basis. It is something that human resource departments and organizations as a whole must
address if they are to remain relevant in an increasingly competitive marketplace. Ruth Weirich sites in her book, Workplace Stability, that research in 2004 predicted “the value of hourly and lower-wage employees to many organizations is only expected to increase in the future… In order to stay competitive in an increasingly global economy, employers will need to hire, train, and retain entry-level personnel.”
The results of this environment not only affect the bottom line due to the costs of turnover, but also the degradation of morale and corporate culture, which is negatively affecting the workplace. Companies that are able to retain the best employees in this market set themselves apart as “the best places to work,” improving productivity among employees, and significantly improving their bottom line. In addition, human resource departments that are able to retain employees are then able to direct their attention to training, development, and continuous improvement efforts among the companies’ most important asset: people.