Staff loyalty that's second to none
Ciaran Sheehan, managing partner, Clarendon Executive
Retaining key staff is one of the toughest challenges for businesses and a critical factor when ensuring sustainable business success.
The costs of attrition are considerable – not just the cost of finding a replacement, but also their induction, training, the time it takes for a new incumbent to get fully up to speed and the disruption to the business in the interim.
The total cost of sourcing a replacement is estimated to be equivalent to the annual salary of that employee. For companies with a large workforce, the cost of attrition, which is often hidden, should not be underestimated.
In Northern Ireland, established global companies report attrition levels of less than 10%, which are among the lowest rates in Europe and significantly less than parts of Asia.
Loyalty of staff is a significant differentiator and a key reason why Northern Ireland should be considered the location of choice for inward investment.
Not only do we have a great talent pool, but the high levels of loyalty make Northern Ireland an extremely cost effective place to do business.