Study finds rich variety of solutions to retention problem

RETENTION

Study finds rich variety of solutions to retention problem

With unemployment in the UK continuing to tumble and skills shortages becoming ever more widespread, employers are increasingly looking to customise their total reward packages to give them the edge in attracting and retaining valued employees, according to the London-based Human Resources magazine.

Research undertaken for the October edition found that while many UK businesses are still willing to put money on the table - pensions, bonuses and company cars have become the most commonplace retention tools - tailoring the total reward package to meet individual needs may be the most effective way of responding to the tight labour market.

This type of approach focuses on the "intrinsic" factors, such as job satisfaction, opportunities for personal development and a good working environment.

So how are employers halting the exodus? Rather than focusing simply on "golden handcuffs" and loyalty bonuses, companies are looking at an array of retention tools, according to the three-page report:

  • Flexible working. Human Resources cites the example of Lloyds TSB which has launched a flexible working initiative — replete with job sharing, teleworking and variable hours — so that its 77,000-strong workforce have a better chance to balance work and family life or leisure.

  • Family care. Littlewoods has pioneered a unique set of family-friendly policies to retain staff. Its female-dominated workforce is offered enhanced maternity arrangements, after-school clubs, childcare and nurseries.

  • Recognition. KPMG is an organisation that is strong on recognition, according to Human Resources. Its "Good news award" scheme, launched in 1998, spreads news about team achievement across the company.

  • Training. "Lack of training, career prospects or new challenges is one the most frequently cited reasons for staff loss," says Peter Crush, author of the report.

     

Title: "Seven cures for your biggest headache", Human Resources, October 1999.

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