Success Planning: Planning Your Future Workforce involves three key areas-- 1) Knowing when it's time to move on, 2) Mentoring and Sponsoring those "rising stars" early on, and 3) Considering your legacy rather than preserving your reputation.
The Rising Tide of Turnover-
The candidate-driven workforce is leading to staggering turnover in the United States. In 2018, 41.4 million U.S. workers voluntarily left their jobs making the voluntary employee turnover rate over 27%. Since 2010, turnover has increased by 88%. When you calculate this with the average employee departure valued at about 1/3 of that worker’s annual earnings, the financial implications are enormous. There is no end in sight with predictions that the 2020 number will rise to 47%.
If “post and pray” has been your primary strategy for attracting strong talent to your organization, and then relying on them to migrate their friends, colleagues, and family along to fill in the ranks, it might be time to abandon that method and consider employing a strategy that identifies the qualities, qualifications, and character that the quintessential employee will bring to your table.