RETENTION
Customised retention strategies: focusing on individuals
Stopping your high-fliers walking out of the door requires a lot more than one-size-fits-all retention programmes. Progressive-thinking companies are coming up with more tailored approaches to stop their brightest staff deserting, according to a report by US business magazine Harvard Management Update.
All too many companies struggling to compete for scarce talent ignore the fact that people are motivated by different things. Companies raise salaries for whole categories of people without considering how many individuals stay mostly for the money, the report says. They announce costly perks such as tuition reimbursement without knowing whether employees prefer something else. They use the same retention techniques for sales people, say, as for computer programmers — even though the two groups are likely to have very different interests.
This four-page report is packed with anecdotes and numerous practical tips on developing retention strategies which focus on the individual.
Retention checklist
So how are employers customising their retention strategies? The authors of the report asked a panel of practitioners and consultants for their recommendations.
1. Hire for retention
The first essential task is to ensure that you recruit people who match the organisation's values and attitudes. Says the report: One key is to avoid bringing in employees who are guaranteed to be unhappy.
It's also vital that you give recruits a thorough and accurate description of the job and business — not only the good but the bad.
2. Research what particular groups of employees want
Uncover the root causes of turnover among specific groups of employees and departments.
3. Give employees more choice
Across-the-board policies are not enough — provide employees with the opportunity to select different career paths and benefits.
4. Single out people for special programmes
From a retention perspective, the trick is to cast a wide net — and to create tailored opportunities for individuals at all levels whom the company wants to keep, the report says.
Want to know more?
Title: A new retention strategy: focusing on individuals , Harvard Management Update, January 2001.
Availability: contact Harvard Management Update in Boston, USA, tel: 001 617 783 7655 or for further information email the editor jcase@hbsp.harvard.edu
Jump to the web site . . . www.hbsp.harvard.edu