Given the current labor market, the costs of recruiting and hiring are becoming more apparent than ever to organizations.
Given the current labor market, the costs of recruiting and hiring are becoming more apparent than ever to organizations. After going through the difficulty of attracting and hiring talented people, businesses do not want to lose them to competitions. The difficulty is staffing has created an emphasis on retaining human resources. Applied Industrial Technologies, a Cleveland-based business, has taken steps to reduce turnover. Specifically, they have made self-fulfillment—the process of helping each person reach their full potential—a central value in the organization. According to CEO John Dannemiller, the company views its self-fulfillment mission as important as salary and benefits in motivating talented employees. He attributes a doubling in revenues over the past eight years and a turnover rate below the industry average to the self-fulfillment program. Here is a summary of Applied Industrial’s self-fulfillment strategy:
- The company commits to 40 hours of training each year–a significant amount.
- Applied Industrial conducts regular leadership and personality testing. The test results are used to identify areas for personal improvement and to measure growth.
- The company offers reading lists of management books.
- Employees are reimbursed for education expenses.