Talent Retention
Table of Contents
INTRODUCTION
For many of the world’s most admired companies, the ability to attract and retain talented employees was the single-most reliable predictor of excellence, according to Fortune magazine. And it may be the single-most important challenge of this decade.
Why care about retention? Retention is a business issue and losing one or two key people can have a significant impact on your longevity or profitability.
In the following paper, we outline how managers can determine whom to keep, how to treat those who leave and what to do to retain those necessary to the organization.
These lessons are worth learning because:
Most organizations don’t know who is valuable and who isn’t
Organizations lack processes and tools to effectively restructure or downsize
It is extremely challenging to retain and motivate the survivors
Decisions must be made quickly
Processes must be humane, but risk must be mitigated as well
Resources are limited
EMPLOYEE RETENTION
Have you ever phoned or revisited a client and discovered that the person you were dealing with is no longer working for the company? It’s an unfortunate and frustrating realization. All that time – and often money – spent developing a relationship and sharing business strategies with someone you trusted went out the window. Now recall how you felt about the organization your client represented. Their reputation became unreliable, you lost faith in their business practices and you probably lost interest in working with them. So if you have felt this way about other companies, then your clients likely feel the same about yours if you have trouble retaining your top talent.
For managers, nothing feels better than having a strong, successful, happy workforce in place who are mutually focused on the organization’s performance. Hiring top-quality individuals is an important task on its own, but essential to any manager’s ongoing process is a critical retention
INTRODUCTION
For many of the world’s most admired companies, the ability to attract and retain talented employees was the single-most reliable predictor of excellence, according to Fortune magazine. And it may be the single-most important challenge of this decade.
Why care about retention? Retention is a business issue and losing one or two key people can have a significant impact on your longevity or profitability.
In the following paper, we outline how managers can determine whom to keep, how to treat those who leave and what to do to retain those necessary to the organization.
These lessons are worth learning because:
Most organizations don’t know who is valuable and who isn’t
Organizations lack processes and tools to effectively restructure or downsize
It is extremely challenging to retain and motivate the survivors
Decisions must be made quickly
Processes must be humane, but risk must be mitigated as well
Resources are limited
EMPLOYEE RETENTION
Have you ever phoned or revisited a client and discovered that the person you were dealing with is no longer working for the company? It’s an unfortunate and frustrating realization. All that time – and often money – spent developing a relationship and sharing business strategies with someone you trusted went out the window. Now recall how you felt about the organization your client represented. Their reputation became unreliable, you lost faith in their business practices and you probably lost interest in working with them. So if you have felt this way about other companies, then your clients likely feel the same about yours if you have trouble retaining your top talent.
For managers, nothing feels better than having a strong, successful, happy workforce in place who are mutually focused on the organization’s performance. Hiring top-quality individuals is an important task on its own, but essential to any manager’s ongoing process is a critical retention
Bibliography: 1. Research: Befus, E. (2004, August). Employee turnover: tips for attacking an enduring, expensive property management problem. Elizabeth Befus, senior legislative analyst with the Washington, D.C.-based National Multi Housing Council, discusses the problem of employee turnover among property management professionals. She first explains the extent of the problem and goes on to give methods by which employee retention rates can be lowered. This article does not pertain to our industry exactly; however; it demonstrates the problem and means by which it can be solved within an industry where employee retention is a serious problem. Therefore, we believe it will be useful in our research. 2. Whitepaper & Books: How to Keep the Keepers and Maintain Optimal Turnover Levels By www.trinet.com Human Resource Management 9th edition Robert L. Mathis & John H. Jackson Reducing Recruitment By Increasing Retention By DRAKE INTERNATIONAL