Asset vs Liability

Awhile ago, recruitment company Hays said it can cost up to 2 1/2 times an employee’s salary to replace them when they leave an organisation.  Now sometimes you can stop people from leaving because maybe there was something missing that they were looking for in the organisation and that’s the only reason that they’re leaving. However, in a lot of instances, organisations tend to look at their staff as a liability rather than an asset. 

Realistically human capital is the most expensive thing in a business today.

Sure you can have equipment, but equipment you can “rely” on in general terms. Human nature suggests that we can’t necessarily rely on people all the time. A computer, a piece of machinery won’t get sick. Yeah sure it may break down, but you have a little more control over things through servicing etc. With human capital, it relies so much on emotion, on activity etc.

So one of the most common things that you can do, just to retain your human capital and encourage them to develop rather than to part your organisation is to regularly provide them with learning and development opportunities.

It doesn’t have to be expensive. It doesn’t have to be sending them off to a $5000 conference overseas. It can be something as simple as getting everybody together on a regular basis and just knowledge sharing ideas

Sometimes its more about the connection, the knowledge sharing, the problem solving and the engagement they can actually make people feel more engaged in their organisations and less inclined to leave.

The more you communicate and collaborate with your team, the greater the impact and the more likelihood that you will retain rather than lose your quality staff.

How are you going about educating, supporting and developing the productivity of your team with technology?

Donna Hanson is a productivity speaker who works with organisations and their teams to increase communication, collaboration and co-operation with everyday technology.  She speaks at conferences, conducts inhouse workshops and business retreats.  Visit www.donnahanson.com.au for more details.