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Retaining Talent: Replacing Misconceptions With Evidence-Based Strategies
Retaining Talent: Replacing Misconceptions With
Evidence-Based Strategies
Costs
Direct costs, work disruptions, and
losses of organizational memory and seasoned
mentors
Recruiting, selecting, and training new employees often exceed 100% of the annual salary for the position being filled
Many managers hold
important misconceptions about turnover
All turnover is the same, and it is all bad
● There are different types of turnover
● Some turnover is functional
● Turnover costs vary
People quit because of pay
● Pay level and pay satisfaction are relatively weak predictors
● Turnover intentions and job search are strong predictors
● Job satisfaction
People quit because they are dissatisfied with their jobs
There are multiple paths to turnover decisions
● Different paths have different retention implications
● It is also important to consider why people stay
There is little managers can do to directly influence turnover decisions
Training and development opportunities
tend to reduce the desire to leave an organization,
and linking these opportunities to tenure
(e.g., requiring tuition reimbursement to be repaid
if the employee leaves within a certain time
frame) helps the organization retain the competencies
acquired.
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
● Organizational context matters for interpreting turnover data
● Multiple data collection strategies enable more targeted and effective retention strategies
Evidence-based management refers to translating knowledge and principles based on the best available scientific evidence into organization practice, enabling managers to make decisions informed by social science and
organizational research
View turnover analysis through organizational context
Evidence based strategies
Selection
Socialization
Recruitment
Compensation and Rewards
Supervision
Engagement
Diagnose the extent to which
turnover is problematic in a particular organizational context
Collect data
Not all turnover is negative, but it’s hard to say how much