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Retention

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RETENTION:-

Retention management is the latest and most pressing problem of the new Millennium. Each and every business in this economy has now become knowledge based. It has therefore become essential for the top management to preserve the dynamic repositories of learning, which are their employees.
Staff retention in the current economic environment is a major challenge. The major focus for employees in hyperinflation environment is survival. If the organization cannot provide enough to enable the employee to survive, the employee is likely to look elsewhere for survival. However if organizations manage to identify causes of staff turnover that they can control, they should target those areas for change or making improvements.
Retention: The Secret According to Apple Company
• Treat Your Employees Well. Meaning pay them what they are worth. Provide them with benefits that are customized to their individual needs holding onto your best talent using all means necessary. And by all means necessary, mean conversations, empowerment, and development. Involve your employee in the process. Let them drive their own career, and when it’s time to leave, let them go.
• Hire Free Agents. If an employee model isn’t successful, consider bringing on free agents and contract labor to fill gaps. Benefits are no longer an issue and hourly rates dictate the marketplace. Free agents make their own rules working on more of a project basis instead of as an employee and often times will sign an non-disclosure agreement as well as a non-compete for long term and well-compensated contracts.
• Provide Employee Training. Invest in employee by providing them training, development, and education in exchange for increased opportunities. Consider offering incentives like paid tuition for those employees who make the investment to continue their education in a specialized field like engineering technology while they work for you
The secret to employee retention isn’t through corporate pacts or anti-poaching agreements, it’s through long-term succession planning and identifying talent gaps. Tactics like Apple’s offer a short term solution in the war for talent and employee retention.

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