- HubPages»
- Business and Employment»
- Business Management & Leadership
Retain and Retrain
The cheap and low risk alternative to recruiting
As a recruiter I might get scolded for telling people this but I'm also a business man so here goes... Bad economy? Can't afford to hire new people? Repeat after me, retain and retrain is cheaper than recruiting!
In the good old days when business was good, if you lost an employee you'd just replace them. Even if the position was hard to fill you could hire a recruiter and more than likely find that person. Now, there is way more on the line.
If you lose an employee to a competitor, you can not afford to make a mistake in hiring the wrong person. Sure with the economy the way it is, there are plenty of talented people looking for a job but the true gems are working right now. In an uncertain economy they are reluctant to make a move because if it does not work out, it is much harder to find somewhere else to work.
So, what is a company to do? I say retain and retrain. Keep your workforce focused on the future and engaged in the company. Think about the cost of replacing a productive employee. Everything from recruiting costs, on-boarding and training that new person. What is the cost if it does not work out and you have to do it again?
Compare that cost and risk profile to retaining or retraining an existing employee. Hands down the finance people will say retain or retrain!
There are lots of good sites out there on retention like at Staffing and Recruiting Essentials where you get some insights to what they call the SAM approach to retention.
Retraining is often an internal matter where you have an employee that you want to promote to a vacant position and update the skills to handle the new position. Sometimes it involves external resources and classes but either way it is cheaper and a better risk in this economy than the direct hire recruiting route.
So I'll leave you with this mantra, retain and retrain, retain and retrain....
More Employer Resources
- Top 3 Benefit of an Interview Evaluation Form
Example of Interview Evaluation form and benefits of using one. - Employee Job Satisfaction
Many years ago, I was an engineer and I learned a valuable lesson about job satisfaction. Not for myself, but for those who worked for me. What I found is that when others enjoyed there jobs because of me,... - Why Employers Need to Learn How to Conduct an Interview
Learn how to conduct an interview If employers learn how to conduct an interview, the impact on their organizations will go far beyond what they invest. Better hiring decisions, better employees. ... - Why Employers need to Train in Interview Techniques
There is a vast amount of data and information on interview techniques for candidates but little for interviewers. Why is that? Don't companies want top people working for them? Why wouldn't a company who... - Top 3 Critical Pieces of a Superior Recruiting Plan
A recruiting plan is your road map to a successful hire of top candidates. Just like a road map, you need to know your destination, you need to know how you plan to get there and if you want to go there... - Hiring Checklist
The Hiring Checklist Imagine having so many good candidates that it is difficult to decide which on to hire. Sounds great but now a days it is complicated by the fact that in a lean economy it is more... - Immigration Laws - An employers Perspective
Recently I had the chance to sit down with an immigration attorney and interview her about immigration and how a company can utilize foreign workers. I was motivated to do this because I have recently come... - Screening Candidates
In a slow job market, anyone who posts a job opening these days is sure to get swamped with resumes. So how do your sort them to find the top 3-4 candidates without spending weeks reading each of them? ... - Top 5 Hiring Mistakes - The E-Book
I've been a recruiter for some time now. In a past life I was an engineer so I tend to look at things analytically. One of my recent projects was to look at what mistakes companies make when they hire... - How to Develop Successful Recruitment Strategies and Methods
With a tough economy defining your recruitment strategies and methods will result better hires in less time. Why? Because you are following a plan. The investment in time and effort put into defining your...
Popular
Comments
Author@Powerpoe1...you are busy tonight. Employer need to reflect on the cost of replacing someone. That little investment pays dividends you may never see but it is worth it.
I like this topic Retain & Retrain. So true, Great prices on your Amazon leadership books. Voted Up & Rated Awesome~
very good - like the mantra!!
I came to this from redgage by the way - just so that you know that redgage is working!!
3