Retaining Talent
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Turnover is a perennial problem, even in the midst of a global
economic downturn. People with special talent are always in
demand because their productivity or other value-added traits
exceed their total compensation costs. Many managers persist in the
belief that the right people can always be found if the organization
is just willing to pay enough. And few people doubt that turnover is
costly. While studies of the costs of turnover vary, most everyone
agrees that if a manager leaves the company, it may cost the equiva-
lent of at least 150 percent of that person’s yearly salary to replace
him or her.
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Misconceptions persist globally ...