Staff retention deals with an issue right at the heart of business performance- The business skills base. Many employers simply don’t recognize the value of skills, despite the enormous efforts they put into getting skilled staff. The blasé way in which "hiring and firing" is treated really is pretty ignorant at a time when head hunting is a boom sector in the employment sector.
There are also cultural issues in many businesses. The notorious "churn-over" effect, the constant turnover of staff is considered normal. It isn’t. It’s expensive, and failure to retain staff should tell employers they’ve got a problem. People leave jobs for better jobs, obviously, but if you’ve got a 20-30% turnover of staff per year, like some health care sector jobs in the US, doesn’t that tell you something?
Skills and Knowledge Retention- Managing the Brain Drain
Retaining skills and knowledge, is the core issue in staff retention. The fact is that losing skills and knowledge directly affects business performance. It can also affect client relationships very negatively. Some clients prefer to do business with particular people. These business relationships are sensitive, and in some cases the client may decide the employer isn't much of a business partner if they can't retain talented staff.
This reaction to the loss of skilled people is one of the key indicators of a falling skills base. Business credibility in areas like sales and services can be severely affected by loss of the vital "people skills". In some industries like finance, loss of these born client relations managers can be a cue for clients to move with them- To their former employer’s competitors. Ironically, it's also pretty common for people having unrecognized talents at one employer to move to another where they become star employees and thrive in a more receptive environment.
Staff Retention Strategies
The fact is that skills and knowledge define business performance, and staff retention strategies are based on this principle. Managing the brain drain is an ongoing process. Staff retire, staff may obtain qualifications and move on, leaving gaps in the skills base.
Staff retention strategies vary:
The key issue here is the identified value of staff relative to business performance. Losing a top salesperson is often a disaster for some businesses. Losing a good accountant can make a business vulnerable to fraud. Losing a good manager can mean losing the entire performance of that area, if the replacement manager can’t maintain the same levels of efficiency.
The days of ignorant "hiring and firing" are over. Good staff can always find jobs, but employers can’t always find good staff.
There are also cultural issues in many businesses. The notorious "churn-over" effect, the constant turnover of staff is considered normal. It isn’t. It’s expensive, and failure to retain staff should tell employers they’ve got a problem. People leave jobs for better jobs, obviously, but if you’ve got a 20-30% turnover of staff per year, like some health care sector jobs in the US, doesn’t that tell you something?
Skills and Knowledge Retention- Managing the Brain Drain
Retaining skills and knowledge, is the core issue in staff retention. The fact is that losing skills and knowledge directly affects business performance. It can also affect client relationships very negatively. Some clients prefer to do business with particular people. These business relationships are sensitive, and in some cases the client may decide the employer isn't much of a business partner if they can't retain talented staff.
This reaction to the loss of skilled people is one of the key indicators of a falling skills base. Business credibility in areas like sales and services can be severely affected by loss of the vital "people skills". In some industries like finance, loss of these born client relations managers can be a cue for clients to move with them- To their former employer’s competitors. Ironically, it's also pretty common for people having unrecognized talents at one employer to move to another where they become star employees and thrive in a more receptive environment.
Staff Retention Strategies
The fact is that skills and knowledge define business performance, and staff retention strategies are based on this principle. Managing the brain drain is an ongoing process. Staff retire, staff may obtain qualifications and move on, leaving gaps in the skills base.
Staff retention strategies vary:
- The retirees are often retained in a consultancy capacity in many firms, indicating how highly valued their skills are.
- Some selected staff with special skills may be retained with better contracts.
- Staff development programs enhance skills, provide professional credentials and are positive incentives for staff to remain.
The key issue here is the identified value of staff relative to business performance. Losing a top salesperson is often a disaster for some businesses. Losing a good accountant can make a business vulnerable to fraud. Losing a good manager can mean losing the entire performance of that area, if the replacement manager can’t maintain the same levels of efficiency.
The days of ignorant "hiring and firing" are over. Good staff can always find jobs, but employers can’t always find good staff.
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