THOUGHT FOR THE DAY

Employee

“The corporation is the “master”, the employee is the “servant”. Because the corporation owns the means of production without which the employee could not make a living, the employee needs the corporation more than vice versa.” - Peter Drucker

TOPIC OF THE DAY

Retaining a Workforce that wants to quit

In each of the past three months, more employees quit their jobs than were terminated, according to the US Bureau of Labor Statistics. This is good news for the economy but bad for individual businesses: when jobs become more plentiful, the first to exit are often the business's most ambitious employees — the innovators, the risk-takers, the future leaders. The cost of replacing an employee is estimated at up to 250 percent of annual salary.

An AchieveGlobal survey of 738 managers revealed that about one in four employees planned to leave their jobs within a year. A study reported in the May issue of Harvard Business Review revealed that 12% of high-potential employees were actively searching for a new job.

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Ethics, Business and Society: managing responsibly, Edited by ANANDA DAS GUPTA