Business turnover within a company depends a lot on its work culture and can positively or negatively affect it.
That is why it is very important that companies work on employee retention and the creation of a positive and motivating work environment to reduce it and improve their long-term success.
Some of the ways in which business turnover affects a company are:
- Productivity: When an employee leaves, their experience and knowledge is lost. Hiring a new employee can take time, and this can decrease productivity due to understaffing.
- Costs: Hiring a new employee can also be a costly investment in terms of time and money.
- Morale: When employees see their colleagues leave the company on a regular basis, they can feel demotivated and underappreciated. This can lead to a decrease in their commitment, loyalty and quality of work.
- Culture: High turnover can result in an unstable work culture, which can make it more difficult for employees to integrate and adapt.
- Image: A high turnover rate can be negatively perceived by customers and investors, which can affect the image of the company and its reputation in the market.
Success in attracting and retaining human talent in GK
GK is a private multinational corporation whose main businesses and activities are found in five business units, which have developed projects in nine countries in the world, including Honduras, Mexico, the United States and the Dominican Republic. The social impact that these projects have created is not only reflected in the creation of direct and indirect jobs, but also in the low turnover of personnel.
According to its 2020-2022 Sustainability Report, job creation in GK represents the development of a career that each employee can opt for. That is why within its labor strategy, the company seeks to ensure incentives and benefits for the personal and professional progress of its employees.
Thanks to this, GK has managed to avoid the risk of desertion as much as possible. In fact, at Green Valley Advanced Manufacturing Hub and Altia Smart City, projects that are part of the Real Estate business unit, the staff turnover rate remains at just 1.5%.
This figure is 9 times less than the average index of the respective labor market! This is due to the fact that in its operations, most of the collaborators have been working for the company for at least 3 to 5 years, which maintains a range between 59% and 65% of job stability.
In fact, the efforts in the labor well-being of GK employees led the company to reach the number 9 position in Honduras in the Companies Category Ranking of 100 to 1,000 employees of the Great Place To Work Institute in 2022.