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Retaining Talent (Misconceptions about turnover (People quit because of…
Retaining Talent
Misconceptions about turnover
People quite because they are dissatisfied
Unfolding model
Leaving for more attractive alternative
Plans in mind to leave in response to certain events (after finishing degree)
Leaving unsatisfying, traditional
Impulsive quitting
Why people stay matters too (embeddedness)
There is little managers can do to directly influence turnover
Can influence the environment through things like training, rewards, supervisory practices
Recruitment/selection/socialization practices matter during entry
HR practices help
People quit because of pay
Weak predictor: pay
Strongest: turnover intentions, job search
Strong: key attitudes (satisfaction and commitment)
Consistent: management, work design, relationships
One-size-fits-all retention strategy is most effective
Context-specific evidence-based
Turnover analyses
org context matters
multiple data collection strategies enable more targeted development of retention strategies
All turnover is the same, and is bad
Functional - not harmful, losing easy to replace or low performers
Costs vary - 90%-200% of annual salary
Dysfunctional - harmful, losing good performers
Retention Management
Develop a knowledge of underlying principles and cause-effect relationships
Diagnose and adapt to a particular org context
Develop a shared understanding of turnover among org stakeholders
All of these decisions should be based in evidence/data collection!!