Retention Strategies

Book excerpt: In the current economic environment, retention is one of the foremost concerns of all organisations. Leading organisations are citing retention as a key challenge and central objective; and no organisation can expect to survive if its retention game is not on point. A sound retention strategy results in lower staff turnover rates, which means: Reduced costs to the company, higher revenues and profitability, more productive staff and increased work morale. Retention is, in fact, a win-win deal for both parties - the employer and the employee. Retention Strategies is a complete how-to book to help you implement a sound retention strategy for today's workplace. This book unpacks: The business case for retention strategies and the cost implications of high staff turnover. The role of rewards and remuneration: Remuneration only accounts for 25% of the stay decision, nevertheless it is a ticket to the retention game - it just has to be fair. Retention and engagement: Whilst engagement does not necessarily cause retention, there is some relationship. Remuneration options for retention and how each is typically used in organisations. This assumes that we have ticked all the other retention boxes like interesting work and great leadership. The Employee Value Proposition (EVP) and its link to retention and remuneration. Retention strategies for different generations. Retention Strategies is essential reading for anyone who manages or leads people currently or will lead them in the future. It will give you the tools to ensure people will want to work for you, follow you and stay with you. Retention Strategies is also intended for HR and reward executives, who are often responsible for crafting policy involving employment. This book may provide you with some ideas on what to include and exclude in your policies.