Talent Retention Plan
Before getting into the details of your talent retention plan I'd just like to mention the short e-course on the subject of talent retention. Just click on the link at the bottom of this article, sign up, confirm your opt-in and it should arrive in your in-box as if by magic.
A talent retention plan will normally comprise several elements:
- A risk analysis
- An assessment of cost of turnover
- Investigation into any problem areas
- Troubleshooting of associated problems
- Targeting of key individuals
- Retention interviews
- Crisis management procedure
The order in which the elements should be undertaken will vary according to the precise nature of the situation faced.
Risk Analysis
2 aspects to consider: The likelihood of departure and the probable impact on the firm should they leave
Cost Of Turnover
Getting an idea of the cost of employee turnover is vital if you are to avoid mistakes later on in the process.
Awareness of the real cost helps when negotiating and determining how much time and resources to devote to retention.
Investigation
An analysis of recent departures may highlight areas worthy of further investigation.
Diagnosing the precise causes of employee turnover requires care as it can be difficult.
Systems thinking at this stage is to be advised.
Troubleshooting
First discover why employees are leaving, then put in place measures to minimize the key drivers of turnover.
Using a Solution Focus approach is recommended.
By its nature troubleshooting is backward looking, solving yesterday`s problems; don`t make the error of limiting your retention efforts to this alone.
Targeting
Targeting individuals or specific groups of employees, tailoring your offering to meet their needs as far as possible, will usually produce better results than across the board measures.
Retention Interviews
Conducting retention focused interviews with those individuals you decide to target is highly recommended.
Use the ask, listen, negotiate, formula for best results.
Crisis Retention Management
Deciding your crisis retention management procedure in advance will improve your chances of retaining employees even at this late stage.
Negotiation should not be taken lightly; preparation matters. It helps to be aware of those areas in which you can be flexible.
If talent retention is a priority for your organization, then do make sure to take advantage of a short e-course I've created on the subject. Just click on the link below, sign up, confirm your opt-in and it should arrive in your in-box as if by magic.
Talent Retention E-Course Created By Retention Expert Colin Brown
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