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Retaining Talent (Misconception of "Knowledge of underlying…
Retaining Talent
Misconception of "Knowledge of underlying principles and cause-effect relationships"
2: People quit because of pay
Pay level and pay satisfaction are relatively weak predictors of ind. turnover rates
Turnover intentions and job search are among the strongest predictors of turnover decisions
Job satisfaction & org. commitment are strong predictors
Mgmt/Supervision, work design, & relationships with others are consistent predictors
3: People quit because they are dissatisfied with their jobs
Job dissatisfactions is driving force in fewer than half of individual turnover decisions
Multiple paths to turnover decisions
Different paths have different retention implications
Why do people stay?
4: There is little managers can do to directly influence turnover decisions
Evidence-based human resource practices associated with turnover
Recruitment, selection, and socialization practices during organizational entry affect subsequent retention
Managers can influence the work environment and turnover decisions through training, rewards, and supervisory practices
5: A simple one-size-fits-all retention strategy is most effective
Context-specific evidence-based strategies are more effective
Turnover analysis helps diagnose the extent to which turnover is problematic
Org context matters for interpreting turnover data
Multiple data collection strategies enable more targeted and effective retention strategies
Developing the ability to diagnose and adapt
Turnover analysis to diagnose the extent to which turnover is a problem
View turnover analysis through organizational context
Collect data to diagnose and adapt
Put into practice
Future Directions
Conduct more research on boundary conditions specifically around talent retention
More research involving interventions and experimental/quasi-environmental designs
Research on effectiveness of evidence-based management
Intro: Retention remains critical issue. Annual voluntary turnover rate is 25%
Issues: direct costs, loss of org. memory, and mentors
High layoff rates also increases high turnover rates of survivors.
Misconception to creating shared understanding
1: All turnover is the same, and it is all bad
Different types of turnover exists
Some turnover is functional
Turnover costs vary