Losing good employees can be a surprisingly costly problem for many electrical contractors. In his seminar, “Leadership with Impact: Retaining this Generation’s Best Talent,” Dr. Andy Netzel, senior program manager for Altec Security, said many employees leave a company because they feel disengaged and don’t feel part of the team; don’t see a career path; or don’t feel the work they do for the company has any impact.
When they do leave, it takes time and money to fill the position. Netzel said statistics show that U.S. companies nationwide across all industries have a 13% annual turnover rate and that it can take 33% to 50% of a departing employee’s salary to replace them.
Netzel said it’s a problem that can often be avoided when managers use a few common-sense strategies. He said they should engage new employees early and often, and that one effective strategy for doing this is to do entry interviews at 30, 60, 90, and 180 days to get feedback from employees on how they are feeling about their role at the company and to see if they have any questions about their role.
“Ask employees what they want and try to deliver on that. Companies can deliver on solid environment or career development,” said Netzel.
About the Author
Jim Lucy
Editor-in-Chief, Electrical Wholesaling & Electrical Marketing
Over the past 40-plus years, hundreds of Jim’s articles have been published in Electrical Wholesaling, Electrical Marketing newsletter and Electrical Construction & Maintenance magazine on topics such as electric vehicles, solar and wind development, energy-efficient lighting and local market economics. In addition to his published work, Jim regularly gives presentations on these topics to C-suite executives, industry groups and investment analysts.
He launched a new subscription-based data product for Electrical Marketing that offers electrical sales potential estimates and related market data for more than 300 metropolitan areas. In 1999, he published his first book, “The Electrical Marketer’s Survival Guide” for electrical industry executives looking for an overview of key market trends.
While managing Electrical Wholesaling’s editorial operations, Jim and the publication’s staff won several Jesse H. Neal awards for editorial excellence, the highest honor in the business press, and numerous national and regional awards from the American Society of Business Press Editors. He has a master’s degree in communications and a bachelor’s degree in journalism from Glassboro State College, Glassboro, N.J. (now Rowan University) and studied electrical design at New York University and graphic design at the School for Visual Arts.