LDC 5-4: Employee Retention
$0 Coalition Member | $25 ACEC Member | $50 Non-Member
Description
Investing resources into the retention of employees is a key element of success for an organization. The
costs from both a financial and time-management standpoint of recruiting new staff can be very high, so
it is vital that employers not only understand the issues caused by a high turnover rate but have also
developed and implemented various employee retention strategies.
Project performance will often suffer as a direct result of high employee turnover rates at a
company. Some common issues that may occur 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 to the more project-specific damages that an organization may incur due to poor employee
retention, there are other serious issues that can affect performance. 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.
This resource will outline ten various employee retention strategies. Implementing these
strategies as needed will promote a greater sense of stability and inclusivity for current and prospective
employees.