Blog 8 - Importance of Talent Retention
Importance of Talent Retention
The
measures used to keep talented and skilled individuals within a business are
referred to as talent retention. Employee retention is critical to the success
of any organization or business. Employees are regarded as an organization's
most precious asset, and the worth of a resource increases over time. The most
critical approach for retaining valued personnel and maintaining a strong
employer-employee relationship is employee retention.
Today
workers have more job options than they have in decades, so HR professionals
must work hard to keep their current employees – or risk losing them to a
highly competitive talent market.
Employee
retention management entails taking intentional steps to keep employees engaged
and focused so they choose to stay on the job and contribute fully to the
company's success. A robust employee retention program can help you attract and
keep important personnel while also lowering turnover and its associated
expenses. All of these factors contribute to a company's productivity and
overall success. It is more cost effective to keep a good employee than to
find, train, and orient a new one of the same caliber.
Fairness
and transparency are basic yet strong ideals that may leave an indelible
impression on employees. Employees identified these five elements as the main
drivers to work satisfaction.
- All personnel are treated with respect at all levels.
- Compensation/pay.
- Employees and top management have a high level of trust.
- Job security is important.
- Possibilities to put
their skills and abilities to use in the workplace.
Employee
retention plans must include aspects such as work satisfaction and engagement.
Although the need of addressing these variables is evident, doing so requires
time, and these activities are frequently postponed. The result of focusing on
staff retention, in terms of improved performance, productivity, employee
morale, and work quality, as well as a reduction in both turnover and
employee-related difficulties, is well worth the time and financial effort. In
the end, firms that manage for employee retention will retain bright and
motivated individuals who genuinely want to be a part of the company and are
committed to contributing to its overall success.
Exit
interviews can reveal what employees loved best about working for your company
– as well as what they didn't like. HR professionals can use this information
to establish plans to address the variables that cause employee turnover.
If
turnover is high in the initial few months of an employee's career, it could
signal that new hires aren't ready to take on the entire extent of their
responsibilities. Better communication during the hiring process and more
effective, engaging onboarding practices could help HR managers prevent this.
Employees that leave at a later time can be more difficult to replace. They could be leaving because they believe your organization has reached the limit of their potential, for example. To overcome this issue, internal mobility and career paths must be redesigned to provide employees with additional opportunities for advancement (Allen, 2008).
ReferencesAllen, D. G., 2008. Retaining Talent. s.l.:Society
for Human Resource Management.
Griffeth, R.W. & Hom, P.W. 2001. Retaining Valued
Employees. Sage
Heneman,
H.G. & Judge, T.A. 2006. Staffing Organizations, 5th edition. McGraw Hill Irwin.
As discussed, employee retention is most important in maintaining organisational performance. Workplaces with a high retention rate tend to have more engaged employees who, in turn will have higher productivity. High turnover have many costs such as financial costs, employee demotivation and loss of productivity. Good article
ReplyDeleteThanks Dilini
DeleteA company's productivity can be saved if employees are retained effectively. Workplaces with a high retention rate employ more engaged employees, who get more done as a result. Customers' relationships are more likely to flourish when employees are engaged. Good article all the best.
ReplyDeleteThanks Nishantha
DeleteIf staff are retained effectively, a company's productivity can be preserved. Employees in high-retention workplaces are more engaged, and as a result, they get more done. When employees are engaged, customer relationships are more likely to grow. Nicely described
ReplyDeleteEffective employee retention can save an organization from productivity losses.
ReplyDeleteVery well explained!
Employee retention mainly impact to organization efficiency and performance. You explained well. Good article.
ReplyDeleteOn the other hand if companies does not adopt policies to retain employees it could impact very badly on bottom line of the company
ReplyDeleteVery good article about talent Retention. Since there are so many opportunities in the market people always use them to find the best option. Also, employees are not just concerned about salary when they seek a job but they are considering other factors such as promotions, recognition, independence, etc... Good luck
ReplyDeleteToday talent retention is one of the major challenged face by the HR professionals. This article showcase the importance of retention of talent in the organization. Well done.
ReplyDeleteIt's no secret that retaining great people is essential for business development. Recruiting and keeping new staff costs money and takes time. Furthermore, turnover has a detrimental impact on employees' productivity and morale. Well delivered article.
ReplyDelete