News: Performance Management
Employers work to make companies attractive to staff
30 January 2008
A growing number of employees are choosing to stay at their current workplace for a long time, and providing better performance management training could help employers take advantage.
Williams Johnson of the Great Place to Work Institute found that many companies in the UK have a focus on ensuring that they are attractive to employees.
"There is … an increasing realisation that by [improving] the quality of the workplace, you can reap the benefits and grow a lot faster," he said.
"More and more managers and leaders in businesses are better required to no longer be managers but be coaches, which is very, very different to that style of managerial control.
"What we are seeing is that companies are really realising that by focusing on the people they can save a lot of money. The average cost of replacing an employee in the UK is about £80,000 to £100,000."
One way in which firms can lower the rate of staff turnover is by ensuring that they have a good staff appraisal system in place.
This allows employees a place to voice their ideas and concerns, and can be taught via performance management training.
