Strategic Approach to Talent Retention within a Company
Turnover rates in a company can be an expensive and disadvantageous tool for causing chaos, disrepute, and poor modus operandi within the company. More of concern would be the constant loss of talented and valuable employees being poached or resigning from their positions. This is the focus of many managers on mechanisms for ensuring that retention of key and talented individuals within the company is maintained (Allen, Phillip, & Vardaman, 2010). Therefore, strategic approach has to be created that achieves this objective, but varies in methodology among different sectors and industries that a company may be involved in. this report will draw from personal experience some of these strategic approaches and look at their viability at achieving their desired objective.
This involves changing a particular job to suit the needs, interests, skills, and capabilities of the targeted talented individual. This strategy is aimed at ensuring that the worker feels a sense of appreciation and independence when executing their duties, which would make it difficult for them to move to another company if the same conditions and environment is not advocated by this new company (Capelli, 2000). This strategy has proven effective since it has created a sense of loyalty among the targeted employees to their companies. Additionally, based on personal observations, it has resulted in employees loving their jobs too much that they are willing to be more productive and develop their skill sets to better suit the company.
Adapting to Attrition
Another strategic approach that can be used to maintain the flow of talented individuals within the company would be to accept that the labor forces causing these changes are too big to handle. Therefore, this resignation does not mean that a company loses all its talented workers to other companies, but rather the company focuses on using talented individuals on as needed basis. This strategy is achieved by outsourcing services flogged with labor movements to companies that have a large pool of the same individuals needed by the company. In this endeavor, the company manages to ensure that it has a constant stream of talent from outsourced companies, while concurrently transferring the burden of talent retention to other companies (Oracle Human Capital Management, 2013). This strategy has been proven beneficial as can be evidenced by the large number of companies of different sizes that prefer outsourcing their services.
A final approach to these target retention strategies would be the use of social ties within the company and among work colleagues. By creating a system where employees depend on each other professionally, socially, emotionally, financially, and culturally, the company is able to forge strong bonds among employees, which is valuable in creating a sense of belonging for the employees (Capelli, 2000). This psychological technique confers in the employee’s the need to remain in their current companies to ensure their continued enjoyment of these useful ties. Drawing from personal experience, a job where one becomes close to their fellow work colleagues results in the formation of close friendships that one is often adamant to let go, in spite of the attractiveness of another job offer (Hausknech, Rodda & Howard, 2009). Therefore, in conclusion, there are many strategies in use to enhance job retention among employees, with some of them being effective, while others failing miserably. The success or failure of a strategy is dependent on a myriad of factors that range from company size, industry, location, demographics, among many others.
Allen, G. D., Phillip, C. B., & Vardaman, J. M. (2010). Retaining talent: Replacing misconceptions with evidence-based strategies. Academy of Management Perspectives. 24 (2), 48-64.
Capelli, P. (January 2000). A market driven approach to retaining talent. Harvard Business Review. Retrieved from https://hbr.org/2000/01/a-market-driven-approach-to-retaining-talent/ar/1
Oracle Human Capital Management. (2013). Managing HR in the cloud. Oracle Corporation.
Hausknech, J. P., Rodda, J. E., & Howard, M. J. (2009). Targeted employee retention: Performance-based and job-related differences in reported reasons for staying. Human Resource Management. 48(2), 269-288.