Retention is Key in the Coming Months
Good staff will always be sought after. In spite of the overall economic conditions quality staff can mean the difference between business success and failure.
The latest HR Quarterly Index, released last month, further reinforces the importance of employee retention. Overall the results were concerning for business. However, what is the most alarming is the expected rate of capital expenditure (essentially nothing), ans the expectation that wages will actually contract. This may be a business reality for the coming quarter and it is worrying for the business sector.
Good staff will always be sought after. In spite of the overall economic conditions quality staff can mean the difference between business success and failure. With signs that employers are set to either freeze wages or reduce them, key employees may look for other opportunities.
Developing existing internal employees, and in particular leveraging key employees, is an inexpensive and effective strategy for finding growth. Employees arenot just a cost center. Rather, they are a 'natural resource' that businesses are able to tap into. Retention therefore, must be viewed not only as a way to mitigate risk but also as a growth strategy.
Through careful evaluation and research, the HR Coach Research Institute has developed a management process to proactively manage retention, focusing on the factors of 'what is needed' and 'what works'. The retention assessment process using the Career Monitor is a tried and tested process. As organisations move from simply measuring engagement , retention interviews ensure that you focus on the key people in your business to ensure that your business survives or grows.
Research based quantitative interviews provide a risk and opportunity analysis for an individual employee's circumstance. A multifaceted view of their job, their peers and culture and the organisation provides a clear and concise evaluation of whether the employment relationship is at risk, as well as identifying future areas for mutual opportunity.