“How to Keep Me”—REtaining Technical Professionals

OVERVIEW:Managing turnover is an increasing challenge, especially for companies employing technical and scientific professionals. Many companies underestimate the cost of turnover and consequently under-invest in reducing it. Rates of turnover among R&D units are lower than other industry segments, but the loss of single individuals can be more costly because scientific and technology professionals are so valuable. It is critical to understand the causes of turnover from the employee's point of view. Causes vary by company and industry, but a survey of scientific and technical workers reveals five types of rewards that affect turnover: job content, direct financial (cash), benefits, careers, and affiliation. Remedies for turnover in R&D may differ from what might be used with other staff groups and must address any internal factors that cause staff dissatisfaction, as well as counteract the external pull from other companies.