Opinion: Cost-effective retention strategies

Posted by Lisette Howlett in Recruitment on Thu, 23/07/2009 - 14:16
  • An effective retention strategy means knowing who you want to keep as well as how to keep them
  • Use strategies such as reward, recognition and challenge
  • Retaining staff through money alone is a flawed strategy
The trick to a really good retention strategy is not just effectively keeping your people, but actually knowing who it is that you want to retain in the first place. It is also all about thinking ahead – for me there is a clear link: the more you take action in advance the lower the cost (in money, time and relationships). Anyone who has worked in manufacturing will be aware of the concept of preventive maintenance. For those less familiar with this concept, it is the idea of taking action when equipment is working well so that it does not break down. Retention is exactly this.

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Editor's Welcome

 

Hello! And welcome back as we enter 2012, with a busy year ahead of us all. With talk of double-dip recessions, a possible partial or even full break-up of the Eurozone and unemployment rates set to hit nearly 9%, topics such as organisational streamlining, staff resilience and talent management are likely to be on many an HR professional's lips over the next 12 months.
 
But to lighten the gloom here in the UK, we also have the Queen's Diamond Jubilee and its attendant public holidays to look forward to at the start of June. Followed by two weeks of Olympic Games from 27 July to 12 August and the Paralympics from 29 August to 9 September, each generating their own excitement, but also issues to work through for hard-pressed HR departments trying to sort out the multifarious staffing issues in advance.
 
So with an interesting but challenging year to come, HRZone promises to be with you, supporting you all the way and providing our usual insightful blend of news, analysis, community blogs and expert comment to help you sort the wheat from the chaff. As ever, we love to hear from you too so feel free to either post your words of wisdom to our blog section yourself or, in the case of longer, more in-depth ‘expert voice’ articles, drop me a line with any ideas to cath.everett@siftmedia.co.uk.....
 
Cath Everett
HRZone Editor 
 
 
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