TALENT RETENTION MANAGEMENT

[abhishreshthaa]

TALENT RETENTION MANAGEMENT :


In today's competitive environment, the ability to attract and retain key people is critical to the success of your business.

Retention is about -- Understanding what drives your people -- what attracts them, what engages them in their work, what makes them want to stay

Retention will help you define actions that can lead to sustainable growth and long-term success.

RETENTION SURVEY:

Survey Results

• Top concern of almost half of the HR Executives
  
  
• 75% of employees looking for new employment opportunities , at any given time
  
  
• The yearly expense of losing an employee is equal to his salary for a year!

IMPORTANCE OF RETENTION:

3 BOTTOM-LINE REASONS

• Growing importance of intellectual capital
  
  
• Casual link between employee tenure and customer satisfaction
  
  
• High cost of employee turnover

#1 Growing importance of intellectual capital

• Past – “Industrial Era”
  (Land, Machinery, etc determined how it could compete)
  
  
• Present – “ Knowledge Era”
  (Intellectual capital gives a competitive edge)
  
  
  
• Intellectual Capital is the unique set of knowledge and skills that a company’s work force possesses

#2 Retention & Customer Satisfaction

• A survey of Senior HR executives reported that “more than half of the (study) participants see poor customer service as a consequence of attraction and retention problems”
  
  
  
• Negative employee attitudes and behaviours adversely affected customer satisfaction
  
  
  
• Employees who are satisfied with their work and their company are more likely to create satisfied customers

#3 High cost of employee turnover

• The yearly expense of losing an employee is equal to his salary for a year!!!( and those at top-levels is even higher!)
  
  
• Direct Expenses
  
  
• Indirect Expenses
  
  
• Opportunity cost

 

[jamescord]

TALENT RETENTION MANAGEMENT :


In today's competitive environment, the ability to attract and retain key people is critical to the success of your business.

Retention is about -- Understanding what drives your people -- what attracts them, what engages them in their work, what makes them want to stay

Retention will help you define actions that can lead to sustainable growth and long-term success.

RETENTION SURVEY:

Survey Results

• Top concern of almost half of the HR Executives
  
  
• 75% of employees looking for new employment opportunities , at any given time
  
  
• The yearly expense of losing an employee is equal to his salary for a year!

IMPORTANCE OF RETENTION:

3 BOTTOM-LINE REASONS

• Growing importance of intellectual capital
  
  
• Casual link between employee tenure and customer satisfaction
  
  
• High cost of employee turnover

#1 Growing importance of intellectual capital

• Past – “Industrial Era”
  (Land, Machinery, etc determined how it could compete)
  
  
• Present – “ Knowledge Era”
  (Intellectual capital gives a competitive edge)
  
  
  
• Intellectual Capital is the unique set of knowledge and skills that a company’s work force possesses

#2 Retention & Customer Satisfaction

• A survey of Senior HR executives reported that “more than half of the (study) participants see poor customer service as a consequence of attraction and retention problems”
  
  
  
• Negative employee attitudes and behaviours adversely affected customer satisfaction
  
  
  
• Employees who are satisfied with their work and their company are more likely to create satisfied customers

#3 High cost of employee turnover

• The yearly expense of losing an employee is equal to his salary for a year!!!( and those at top-levels is even higher!)
  
  
• Direct Expenses
  
  
• Indirect Expenses
  
  
• Opportunity cost

Hi Abhi nice post!,

I am also uploading a white paper which will give more detailed explanation on Six Technology-Enabled Best Practices - Talent Retention