Updated: Sep 3, 2020
Quality employees can mean the difference between business success and failure. Developing existing internal employees, and in particular leveraging key employees is an inexpensive and effective strategy for finding growth. Employees are not just a cost centre, but also 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 genuine low-cost business growth strategy.
Connectedness between employers and employees is complex. Since 2007, HR Coach has been identifying the evolving concept in various research projects and publications. Managing in Uncertain Times, Managing Back to Certainty and Accelerating Business Performance all investigated a common theme; engagement. However as important as engagement is to the growth and success of your business it cannot exist without the retention of employees.
Managing retention is equally a process of maintaining business as per usual, and protecting the core as it is all about opportunity. It is therefore as much a risk mitigation as a growth strategy. Traditionally organisations interview during recruitment and exit but not during the employment relationship. It is a gap in management.
Consider the employees you have working for you, who have the skills your business relies upon - employees who have reinvented their jobs and are an integral part of the team, and the thought of them leaving terrifies you. These employees would be considered high risk when it comes to retention. So how do you win this retention battle?
Research based quantitative interviews such as Career Monitor provide a risk and opportunity analysis for an individual employees circumstance. A multifaceted view of their job, their peers and company culture. The Career Monitor provides a clear and concise evaluation of whether the employment relationship is at risk as well as identifying areas of mutual opportunity. Employers are armed with information to gain a clear perspective on the business including why people join and why they stay.