Attract and Retain Top Talent

October 2010 marked the first time in 15 months that the number of resignations in a month surpassed the number of layoffs, a strong indication that the economy is beginning to recover. Though we all want a healthy economy, managers must come to terms with the fact that an improving economy leads to greater turnover. That's why the two most important things a manager can do in 2011 are (1) retain the most talented workers in their department or team and (2) spend an equal amount of time preparing for turnover.

Most employee turnover can actually be prevented. The key to a successful retention effort is to focus on your top performers. It's more than likely that your best workers are being wooed aggressively by recruiters and competitors-or they're savvy enough to stay aware of their value in today's job market.Managers need to validate to these workers that staying at their current job is the best decision for their career.

Yet even with the best retention efforts, resignations will happen.When they do, managers need to be prepared to respond quickly and fill the position with a high-quality candidate. That's why managers must be as aggressive in attracting the best candidates as they are in retaining top talent. This strategy keeps turnover low and helps build your reputation as an employer of choice. Let's take a look at how to build such a strategy.

Retaining Your Best Workers

Employee turnover can cost your department and your organization a lot of money.When you consider downtime, recruiting activity, interviewing, onboarding, and ramp-up time, replacing an entry-level position typically costs 50% to 100% of the employee's salary. A manager or executive-level position can cost you up to 200% of the individual's salary!

Take a close look at your finance and accounting teams-which employees would create the biggest void if they left? Also consider if there are employees who contribute to the engagement or overall success of these top performers. If there's a way to manage turnover among these employees...it's worth it! Here are some tips to bolster your retention efforts.

Find out who is happy, who is unhappy, and who is hostile

A truth you must face about retention is that some of your employees will leave because of...