Between the two, which approach provides a better ROI and is the smarter tactic for organizational success, employee retention or attraction?
Efforts invested towards employee retention92%
Efforts invested towards employee attraction8%
211 PARTICIPANTS
CIO in Education, 1,001 - 5,000 employees
it's clearly cheaper to retain those you already have (and like) then to start anew or from scratchGlobal Head of AI, Data & Analytics in Software, 10,001+ employees
Even though I will always support option 1, retaining and believe the following approach to be an extremally poor cultural decision (even immoral). I remember reading a published study that demonstrated it is cheaper for a enterprise business to give limited raises and limited resources to promoting and retaining whilst giving higher salaries for attraction. However it went on datasets from an older mindset of working for 1 company for years to decades. With the new mindset/market from millennial age employees onwards this kind of exploitive behavior is not tolerated and you'll find your best employees leavingSo I believe option 1 is the superior
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Competitive pay40%
Comprehensive benefits50%
Company-supported learning opportunities51%
Career advancement opportunities49%
One-on-one mentorship and coaching24%
Cutting-edge projects23%
Other (I’ll share in the comments)3%
We’re having trouble attracting new IT talent8%
119 PARTICIPANTS
eBook/Kindle20%
Print Edition56%
PDF/Tablet13%
Audio Books (I prefer to listen)9%
Something else?0%
355 PARTICIPANTS
CTO in Software, 201 - 500 employees
Without a doubt - Technical Debt! It's a ball and chain that creates an ever increasing drag on any organization, stifles innovation, and prevents transformation.