By Saratoga Institute
A part of a chain performed by way of the Saratoga Institute on human source concerns, this article concentrates on management improvement. It synthesizes and analyzes uncooked facts, providing it in an easy kind, with easy-to-read charts and graphs.
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Additional resources for Retention management: strategies, practices, trends : a report
Strategy The first step in the development of an effective retention program is to formulate the business strategy. Treat employee retention as a strategic business issue. Ideally, the strategy and retention program should take a systemic approach integrating all facets of the organization culture, values, business strategy, employees, and human resource programs. Sixty percent of the companies in this study indicated that they had implemented employee retention strategies; however, not all have formal programs.
What needs to be known is what happened as a result of counseling. In many cases, links are found to absenteeism and separation rates. Turnover statistics provide significant intervention information. Turnover Analysis Monitoring and Management Tracking Separations Human Resources can have a highly positive financial impact on retention by analyzing turnover statistics and correcting the problems. Over 91 percent of participants reported tracking the number of separations from their organizations.
This was primarily felt in reduced turnover. The low percentage of positive responses we feel is clue to the fact that most participants are not quantitatively measuring their programs' results. The Benefits The benefits or strengths of retention programs vary by each organization's underlying problems or issues. Leadership and management style play an important role. Forty-seven of the companies offered examples. These focused on the success of the company, company culture and value system, and employee satisfaction.
Retention management: strategies, practices, trends : a report by Saratoga Institute