Employee Development and Retention

In any modern industry, employee development and retention are among the key factors in a companyÆs success. In the cable TV industry, this is even more the case, since employees who do not progress with technology and stay with the company to share their knowledge can have a serious impact on the companyÆs profitability. In fact, a Louis Harris and Associates survey found that the cost to a company of losing a typical worker is $50,000 (Abassi & Hollman, 333). Furthermore, turnover is estimated to cost the U.S. economy $5 trillion annually, as well as resulting in reduced earnings and stock prices (Finnegan et al., 12). Retention, on the other hand, reduces turnover costs and increases productivity, as well as engendering high customer loyalty and greater profitability (Finnegan et al., 12). Therefore, employee development and retention need to be carefully thought out and planned for by cable TV human resource (HR) managers. Employees that are not given the opportunity to develop are likely to leav

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e a system for keeping in touch with employees as they progress through their careers to ensure that things are moving the way they intend. Managers likewise need to stay abreast of employee goals and concerns so that employees do not feel like ôjust a numberö in a vast organization full of people who do not care. Managers should be aware of the aspirations of each of their people and be actively enabling them to pursue their goals by providing the right training, education, and work experiences. One of the principal issues in retention is engagement. Although engagement has long been overlooked, companies that want to maximize retention cannot afford to ignore it. An employee that is never engaged is simply not going to remain in the company forever. Therefore, it is as incumbent upon managers to make sure new employees are engaged as it is to ensure adequate compensation and benefits. When a new employee arrives, existing employees should not stay in their cliques and ignore him or her; they should make an ongoing effort to integrate the employee, accompanying him to lunch, helping him find his way around, taking breaks with him, and working to see to it that he feels like an integral part of the group. To do otherwise is
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Approximate Word count = 2170
Approximate Pages = 9 (250 words per page)

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