Why should you retain talent?
The turnover rate refers to how many positions on a team are “turned over” or vacated and then rehired. According to Linkedin.com, their data shows a turnover rate for technology teams at around 10–13% per year. When positions turn over, engineering managers have the ability to hire new team members and coach them to success, but there are many benefits to retaining the talent you already have on your team as follows:
- Cost: Hiring and onboarding new staff is expensive. According to the Society for Human Resource Management (SHRM), each employee departure can cost between ⅓ to ⅔ of the employee’s annual earnings. Both in terms of resources and time, restaffing requires considerable effort. As you learned in Chapter 13, you can expect a long list of activities, ranging from writing job descriptions to scheduling interviews and wrangling interviewers. There is also a bottom line cost for job postings, recruiter...
