Personal Ethics Statement

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How to retain proficient employees

Prepared for Mr. John Schuler Director Human Resources Fort Lauderdale, FL 33309

Prepared by David Payne Keiser University Fort Lauderdale, FL 33309

July 15, 2010

INTRODUCTION Many years a person would go through school, get a job, work at the same company for 40 years and retire to enjoy the golden years. Today that is no longer the norm (Lofton, 2006). The gold watch is no longer enough enticement to stay with the same company. Part of this might be because of the nationwide lay-offs that occurred across America during the recession of the 1970’s. At that time many people lost their positions, their benefits and their pensions. The national workforce realized that the loyalty they had been raised to believe in was not extended by their employers when the time came to cut losses and run. From that point forward employees began looking out for themselves and now it is not unusual to receive training in one environment, and then move on to another company for a little more pay, or perks and then later move again (Lofton, 2006). One of the largest problems facing the national workforce today is the retention of good employees. Recently this company has begun to lose a number of valuable employees to competing companies and industries. The importance of retaining employees who are proficient in their job skill sets cannot be ignored. “Retaining key employees is a number-one problem. A solution will mean more profitable and effective organizations, happier and more productive employees, and more satisfied client/customers. Losing employees also is expensive. Studies have found that the cost of replacing lost talent is 70 to 200 percent of each lost employee's annual salary. There are…...

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