Managing Employee Life Cycles to Improve Labor Retention

Abstract

Since much has been written about how to hire and recruit good people, the focus of this article is on how to retain employees. After briefly examining the cost of employee turnover, the author provides a management framework that can help improve employee retention and increase profitability. It is stressed that employees at every phase of the life cycle need to believe that the work they do is important and meaningful. The author concludes that if people see that their employers care about them and their careers, they will deliver better results and will be more committed to their careers with the company.