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This is an extract of an article that was first published in November 2021. You can read the full article here.
Some attrition in your organisation is healthy, it provides an opportunity for new ideas and energy. Indeed, given the dramatic shift in the way we now work, you may be thinking there are some employees you would gladly wave goodbye to.
However, mass/high volume resignations of your talent, especially critical talent, over a short period will debilitate your organisation and the resulting stress will likely fuel even greater attrition if plans are not laid down now.
Now is a good time to get proactive with your Talent BCP planning.
Your Business Continuity Plan needs to cover
In addition, you should also factor in the un-budgeted cost of high levels of replacements. Figures from the Financial Review place the true cost of replacing a high potential employee at 2-3 times their annual salary, (assuming that is, if you’re lucky enough to find replacement talent), but even the immediate sourcing costs will present a challenge. Finding talent is increasingly difficult. During the recent lock down reprieve in Victoria SEEK saw record high job ads placed, yet applications remained at records lows. This was not limited tech and finance markets where the pain was felt quickly, but in candidate markets across the board.
We’ve all quit a job at some point. In fact, we may have worked for a company where turnover was an epidemic. However, we haven’t seen mass movement like this before, and whilst you may have succession plans for some of your workforce, it’s likely you simply don’t have plans for high volume attrition. No need to panic, there is still an opportunity to get your plan together and Therefore Talent is here to help. Let’s start with some practical questions:
