Attracting and retaining staff A critical factor in the success of any company is its ability to attract the best talent whilst retaining those already working within the company. The loss of employees can have a significant impact on a company's morale, productivity and overall profit. Whether this is evidenced by spending at agencies or search firms, lowered productivity or morale, high turnover costs your company. In fact, every time one of your employees leaves home for the last time, it can cost your company anywhere from $25,000 for entry level positions, up to $250,000 for senior level positions. Understanding the reasons why people leave is the very first step. in addressing retention and attraction issues. Once you clearly understand these reasons, you are ready to move to the next phase of developing an attraction and retention strategy to acquire and retain talented people. The formula for attracting and above all retaining the best talent is to create a high level of job satisfaction which includes not only the work itself but factors relating to the climate or working environment. One of the most overrated reasons companies believe they attract and retain top talent is through financial compensation. However, financial reward is considered very low by many employees compared to achieving job satisfaction. Great companies intuitively know the importance of providing challenging work, opportunities to apply skills, and the importance potential employees place on the company's reputation. They work hard to improve the work climate because they know that this will make people want to work for them based on their reputation in the market. The following formula will help ensure that... middle of paper... ....• DH Howden (Pro Hardware)• Ministry of Skills Development (Ontario)• Board Secretariat (Ontario)• Royal Bank Investment Management Inc.International clients include:• Fortune 200 Insurance Company (USA)• Livingston International and Livingston Freight Forwarding International (UK) BCI's primary consulting focus/specialty is human resources and organizational development, including : • surveys on attitudes, • development of management and leadership skills, • management training in a variety of topics, • performance management, • strategic HR consultancy, etc. .Areas of specialization include: • Organizational analysis and change management, • Strategy/structure alignment, • Pay-for-results incentive compensation, • Management training and development, • Productivity and performance improvement, and • Human resource management.