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Retaining Talent: Replacing Misconceptions With Evidence-Based Strategies
Retaining Talent: Replacing Misconceptions With Evidence-Based Strategies
direct costs of turnover
loss of organizational memory and seasoned mentors
work disruptions
5 common misconceptions about turnover
Misconception #2
People quit because of pay
individuals will continue to participate in the organization as
long as the inducements offered by the organization are equal to or greater than the contributions required by the organization
ease of leaving
desire to leave
not only do employees have high ease of movement, but they may also be more difficult to keep satisfied.
specific drivers of turnover
work environment
job design
the external environment
individual demographics
job performance
the withdraw process
Misconception #3
People quit because they are dissatisfied with their jobs
4 alternative paths to turnover
A second path involves leaving for a more attractive alternative.
A fourth path involves individuals who quit despite being relatively satisfied, without having a script in place, and perhaps even without searching for an alternative.
One path involves leaving an unsatisfying job,
and is characterized by the traditional view of the
turnover process described earlier.
A third path involves individuals who have
scripts or plans in mind that involve considering
quitting in response to certain events.
job embeddedness
three types of connections
fit:
organizations should provide realistic information
during recruitment, incorporate organization fit into employee selection, provide clear communication about organization values and culture, recruit locally when feasible, provide relocating employees with extensive information about the
community, and build organization ties to the
sacrifice
organizations should tie financial incentives to tenure, provide
unique incentives that might be hard to find elsewhere, encourage home ownership through home-buying assistance, and develop career paths that do not require relocation.
links
: organizations should design work in teams, provide
mentors, encourage employee referrals, and
support community involvement.
Misconception #1
All turnover is the same, and it is all bad
types of turnover
dysfunctional vs. functional
avoidable vs. unavoidable
voluntary vs. involuntary
understanding turnover costs
separation costs
tangible (time, coverage)
intangible (loss of diversity/ clients, etc.)
replacement costs (general, recruitment, selection, etc.)
benefits of turnover
Savings may be achieved by not replacing leaver
Vacancy creates transfer or promotion opportunity for others
etc.
Misconception #4
There is little managers can do to directly influence turnover decisions
selection
socialization
recruitment
training and development
compensation and rewards
supervision
engagement
Misconception #5
A simple one-size-fits-all retention strategy is most effective
two primary types of retention strategies
systematic stratigies
targeted strategies
To improve decision making, managers should broaden their decision frames in three ways
consider multiple objectives and issues
evaluate alternative expected outcomes that could arise
consider multiple alternatives
retention management
