Many organizations are realizing the bottom-line effect on employee retention. Retaining quality performers quite simply adds to increased productivity and morale, while reducing the associated costs of turnover altogether. As a business executive, doesn’t it make sense to have business processes that add efficiencies to how you conduct business to reach your corporate objectives and provide a positive perception in the marketplace and to your customers?
Experts believed that the subject of identifying and retaining top talent is always one of the critical items executives like to improve upon. However, when asked what strategy is in that regard, experts often either mention that they’ve found this great recruiting firm that is going to do nothing but send them top-level talent, or that they don’t know the people that have left were no good to begin with, basically rationalizing the cause of turnover.
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There are a couple of flaws with this line of reasoning. First, just because a recruiter has sent you top-level talent doesn’t mean that this employee is going to stay and prosper with your organization. There are many examples where talented employees leave organization because they were either miscast for the job, management style, or corporate culture. Secondly, never assume a turnover problem exists just because the employee was no good to begin with. Job fit and performance go well beyond just having a talented employee. As with any business goal, HR and managers have to implement a proven process and strategy to attain that goal.
The following outline a seven step strategy to increase employee retention, one that helped one Fortune 500 Company increase their retention in the first year of implementing all seven steps.
In summary, many organisations are already using several of the aforementioned steps, but might be lacking or deficient in the other steps. Each step is critical to the overall success of a comprehensive employee retention plan.
Read also: From Recruitment to Retention: How Technology Revolutionises HR Processes