I came across some numbers this past week that I wanted to share you. Not to make you depressed or stressed but to point out the reality of what we are dealing with in terms of management development.
So many of these numbers can be worked on and improved with some simple steps. Yes, I did say simply. I didn’t say easy. Of course, it will take time. But let’s face it, it’s not rocket science. Unless you work for NASA. Then it may be.
- Approximately 3 million Americans quit their job each month– US Bureau of Labor Statistics
- 31% reported having quit a job within their first 6 months – BambooHR Survey
- 87% of HR leaders consider improved retention a critical or high priority – Kronos and Future Workplace research
- Employee replacement can exceed 200% of their annual salary
- Good employees quit their manager, not the company – 17% – Magazine and Gallop
The interesting part of this is that these numbers are trending consistently over the past few years. Which means HR and L&D are not going a great job in the retention area. When you dig deeper into these numbers, they can be addressed. These numbers directly impact the business results and working on fixing them can be a high profile project for both departments.
Management Development is the Answer
The question becomes, what are you going to do about it? What can you do about it?
There is help. By putting together a strong new management onboarding and management development program many of these issues can be addressed. We think of onboarding for new hires but do you have an onboarding program for new managers? When I say new, I mean people who were recently promoted to a management position?
If new managers can successfully transition to their new role and existing managers have the skills to transition to a new team or build their existing team, your organization can see major results.
For more information on how to make these numbers turn around and provide your managers with the tools for success, call us.
If you have already had success in this area, let us know how you did it.
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