Employee Retention and Talent Managment

Employee Retention and Talent Managment



Image courtesy of Forbes Advisory forbes.com

"Long-term health and success of any organization depends upon the retention of key employees. To a great extent customer satisfaction, organizational performance in terms of increased sales, satisfied colleagues and reporting staff, effective succession planning etc., is dependent upon the ability to retain the best employees in any organization. Encouraging employees to remain in the organization for a long period of time can be termed as employee retention. It is a process in which the employees are encouraged to remain with the organization for the maximum period of time or until the completion of the project."[ Das, B.L. and Baruah, M., 2013] 

The success of Organization is based on Employee Productivity and job satisfaction. Therefore, HRM and Top Management should take proactive approach to the matter of employee retention and they should not wait for Employees turnover rate to sour. Instead, HRM need to implementing better strategy and Evaluation method to investigate employee Jobs Satisfaction to retain top talents.

 

Employee Retention Issue 

98 % of HRM Manager are burned out, as surveyed by Academy to Innovate HR. and 79% Of CEO are concerned about Key Skills in Workforce surveyed by PwC.

The Data stated that Human Resources Management (HRM) Personal are burning out, these are clear sign of employee Job dissatisfaction and failing of HRM policies today in Corporate. The HRM Personal play important role in Employee retention and recruiting skilled workforce in front of talent wars pressure.

HRM Policies need to implement Talent Retention Strategy to retain/recruit key Skilled workforce, and to increase productivity, job satisfaction.

 

Employee Retention Strategy

In order to retain top talents, HRM need to implement employee retain strategy to keep necessary workforce for increase motivation, satisfaction to achieve organization goals.

Fair and competitive compensation

The compensation should be fair and competitive to value employee contribution and keep them long haul in organization. Organization should compensate the best rate in market for top talents, because it is more expensive and harder to recruit and develop top talents them keep existing talents. The extra competitive benefits such as healthcare, foods, accommodation and commuting support.

Flexible work

After pandemic, flexible work has shown in employee jobs satisfaction and increase in productivity and work life balance.  With technology innovation, flexible work has proved benefits for organization and employee’s relationship. The work condition such as Work from Home and Hybrid work has benefits such as Reduce stress, Commute time and office distraction, and increase productivity from efficiency focus on work, flexible schedule and timetable.

Employee Recognition and engagement

Employee recognition can increase productivity, motivation and engagement to work. HRM and Organization make attribute employee contribution by giving recognition on public and give monetary awards and alternative rewards such as holidays trip packages. The benefits are employee are engaged appreciated for their hard work and monetary prize for recognition.

Organization Work Culture

Work culture is important for Employee retention, it create a great place to work, where employee feel belong in Organization mission and vision. Inclusive, diverse, transparent, respect and welcoming work culture allowed employee engaged and increase in retention.

Professional Development Opportunity

Millennials are prompt to stay shorter tenure in Organization than previous generation, they are looking for professional development. HRM and Organization need to have strategy to invest in profession and career development. By developing current job position and future position will allow employee to stay longer for their career development.

The right Team and the right Management

The right team member and the right Management are required to execute Organization strategy. HRM need to make sure that all players fit for organization culture and value. Enlisting unfit team players and management can create employee burnout and jobs dissatisfaction.

 Off Boarding Exist Interview

This is important process for interview departing employee for keeping Organization property and belonging, as well as learning from departed employees why they leave. So that Organization can reevaluate current strategy for HRM and employee retention for talent Managements.

 

Conclusion

After pandemic, employment market has shift to favor to employee due to supply and demand, as well as millennials are taking over workforce. Millennials demand more work life balance, flexible work place, fair compensation and carrier development and recognition by their employers. As great resignation and quiet quitting trends are happening, HRM need to have always reevaluate their strategy to retain top talents.

 

References:

Crail, C. (2023). 15 Effective Employee Retention Strategies In 2022 – Forbes Advisor. [online] www.forbes.com. Available at: https://www.forbes.com/advisor/business/employee-retention-strategies/. [Accessed 29 Nov. 2023] 

Das, B.L. and Baruah, M., 2013. Employee retention: A review of literature. Journal of business and management, 14(2), pp.8-16.[Accessed 29 Nov. 2023] 

‌Haan, K. (2023). Strategic Human Resource Management Guide – Forbes Advisor. [online] www.forbes.com. Available at: https://www.forbes.com/advisor/business/strategic-human-resource-management/.[Accessed 29 Nov. 2023] 

Limited, B.P.P.C. (n.d.). People leadership has changed. Let’s rethink it. Bangkok Post. [online] Available at: https://www.bangkokpost.com/business/general/2652107/people-leadership-has-changed-lets-rethink-it-hold-for-mon.[Accessed 29 Nov. 2023] 

Roy, S. (n.d.). Corporate Strategy & Human Resource Management. [online] MBA Skool. Available at: https://www.mbaskool.com/business-articles/human-resource/15855-corporate-strategy-a-human-resource-management.html#:~:text=The%20corporate%20strategy%20should%20be%20closely%20tied%20to.[Accessed 29 Nov. 2023] 

Location: Bangkok, Thailand

Comments

  1. GirahJamDecember 12, 2023 at 6:25 PM

    The high turn over rate is scary and costs more than finding methods to make current employees stay. The new ones tend to request higher or equal salary as the former ones but less efficiency.

    ReplyDelete
  2. ACRTDecember 15, 2023 at 5:38 AM

    Thank you for sharing this insightful blog post, I like your focus on the significance of the right team and management. Ensuring cultural fit and avoiding the recruitment of unfit team players or managers.

    ReplyDelete

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