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Retaining Talent - Replacing Misconceptions with Evidence Based Strategies
Retaining Talent - Replacing Misconceptions with Evidence Based Strategies
1 - All turnover is the same, all of it is bad
Definitions
Voluntary v. involuntary
Dysfunctional v. functional
Avoidable v. unavoidable
Costs - there are separation and replacement costs
90%-200% of salary
Research - reducing utnover is linked to sales growth and improved employee morale
2 - People Quit because of Pay
Gen theory: individuals will continue to participate in org as long as what's offered by org is equal to individual contribution
Not just pay!
Org commitment and job satisfaction are two important drivers
Relationship with immediate supervisor
Pay, gender, race, marital status are weak predictors
Management needs to clarify roles, relationships, work environment, participation in decision making
3 - People quit because they are dissatisfied with their jobs
Job dissatisfaction less than 1/2 of turnover decisions
Unfolding model of turnover
Paths to leaving are initiated by shock
Expected - completing certification
Unexpected - Mistreatment by co-worker
Job related - passed over for promotion
Non job related - spouse given moving opportunity
Postive or negative
Leaving job because of dissatisfaction
Strategy to prevent: assessing workplace conditions and managing common causes
Leaving for more attractive alternative
Strategy: make sure workplace is externally competitive in terms of rewards, opportunities etc.
Leaving in response to certain events (scripts )
Strategy: Possibly making tailored response
Impulsive quitting
Strategy: providing realistic expectations for job future, clear communication
Why people stay: LInks, fits, sacrifice
4 -There is little managers can do to influence turnover decisions
At every stage, there are strategies to prevent turnover
Selection/Recruitment - providing realistic job preview
Training/Development: simple offering decreases desire to leave
Compensation/rewards:Tailor rewards to individuals; look to market leads
Supervision/engagement: Train supervisors on how to lead; provide challenging goals
5 - A simple one size fits all retention strategy is most effective
Systematic strategies:
General principles of retention management
Targeted strategies
Specifically looking at organization drivers
Must conduct turnover analysis to diagnose the extent of turnover
Need to analyze the cause and effect on the org