Investing resources in the retention of employees is a key element of success for an organization. The costs from both a financial and a time management standpoint of recruiting new staff can be very high, so it’s vital that employers not only understand the issues caused by a high turnover rate, but also develop and implement strategies to retain their staff.
Project performance will often suffer as a direct result of high employee turnover. Some common issues include: the adverse impact to the project’s schedules and budgets due to staffing shortages and transitions, the general disruption of project teams and company departments, and the lack of suitable candidates for replacement positions.
In addition, other employees may become concerned when they notice the departure of their colleagues, which can create an unbalanced work environment and lead to further turnover. In some extreme cases, it can even lead to the potential loss of proprietary information to competitors.
LDC 5-4: Employee Retention outlines 10 key employee retention strategies. Implementing these strategies will promote a greater sense of stability and inclusivity for current and prospective employees.
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The EJCDC® Construction Series (C-Series) includes 23 essential documents specifically written for use on public and private engineered facility projects, including:
Review the entire EJCDC C-Series at http://bit.ly/3ns5SGN.
Registration is now open for Class 8 of Pathways to Executive Leadership, ACEC’s midcareer leadership development program, beginning October 14-16, 2023, in Austin, Texas. Sessions prepare participants for new leadership roles by teaching them how to explore personal mastery, recognize industry trends, and build long-term client relationships.
In addition to coursework, participants can connect with a trusted national network of colleagues from whom to draw best practices and exchange knowledge. The hybrid program consists of two in-person seminars and three virtual learning sessions tailored to those transitioning to managing teams and other managers.
For more information, visit program.acec.org/pathways-to-executive-leadership or contact Katie Goodman, director of leadership programs, at 202-682-4332 or email email@example.com. Registration is limited.
For More Business Insights
▪ Better Business Planning
▪ Factoring Executive Compensation
▪ Cyberattacks and Data Security
▪ High-Impact Proposal Writing
Go to: https://education.acec.org/diweb/catalog
ACEC’s Business Resources and Education Department provides comprehensive and online-accessible business management education.
Visit ACEC’s online educational events calendar at https://www.acec.org/education/online-classes/ or call 202-347-7474, ext. 349, for further information.