Topics

HR Support on Employee Retention

Editor's Note: Retain employees to ensure increased ROI and decrease unwanted turnover.

Marta MoakleyOverview: Undesirable employee turnover, such as when a top performer leaves an organization, can lead to decreased productivity and succession or continuity challenges. Employee turnover is costly to organizations, decreasing the employer's return on investment (ROI) in employee training and development, as well as in benefits packages.

Employers should adopt a planned employee retention strategy tailored to their particular circumstances. Resorting to ad hoc methods or a dependence on market conditions as retention strategies will not allow an organization to achieve its business goals. "Employers of choice" will develop a retention strategy that targets specific practices, proactively evaluates policies and procedures and tracks turnover rates in order to strengthen organizational viability.

Trends: In a weak economy, many organizations will engage in some level of restructuring, whether it is accomplished through downsizing the organization, merging with another entity or acquiring related businesses. Employers need to institute communications plans that adequately deal with times of change, and must remain vigilant that top performers are not needlessly lost to competitors.

Author: Marta Moakley, JD, Legal Editor

New and Updated

About This Topic

HR guidance on the legal risks and benefits regarding employee retention programs.

© 2018 Reed Business Information Inc.