While employee turnover is painful and even lethal for small companies who are competing with larger businesses for talent, it is true that smart companies don’t fight attrition.
Successful companies don’t fight but accept, adapt and leverage employee attrition, turning it into a golden business opportunity.
As employee tenures decrease, strategic companies embrace attrition as an opportunity. They view employees as smart contributors from the start and value scarcity of both talent and time. This scarcity, when harnessed correctly, drives abundant business results. Both the employee and employer realize the scarcity of time and treat their work and its goals with greater urgency.
“Retention is an overrated strategy that jeopardizes a company’s success, longevity and competitive advantage in the workforce.” - Human Capital Institute (HCI).
Deloitte recently identified seven key disruptors are driving change and opportunity in the future of work. Two major disruptors include the changing nature of a career and the rise of contingent workers.
Companies have to chart strategies that embrace the future of work to stay on top of the competition.
Like, you can adopt the Pareto's Principle or 80:20 rule in your organization by outsourcing 80% of the non-core tasks, with the in-house team focusing on the rest 20% core activities.