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Assessment

Assessment. Retention. Retaining talent refers to employers’ efforts to create an environment that engages employees for the long term and ensures that they keep desirable workers in order to meet business objectives (Frank, Finnegan & Taylor, 2004).

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Assessment

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Presentation Transcript

  1. Assessment Source: ERC Retention Model

  2. Retention • Retaining talent refers to employers’ efforts to create an environment that engages employees for the long term and ensures that they keep desirable workers in order to meet business objectives (Frank, Finnegan & Taylor, 2004). • However, if employees are not satisfied with these efforts they can leave. Therefore, retention results from mutual satisfaction between employees and employers and occurs voluntarily (Kontoghiorghes & Frangrou, 2009). Source: ERC Retention Model

  3. Factors affecting employee retention • Work content • Utilisation of skills • Career advancement • Work–life balance • Compensation • Security needs • Leadership and drive. • Stimulating work • Motivational leadership • Incentives and Rewards

  4. Drivers of Employee Retention Stimulating Work • Variety of assignments • Autonomy to make decisions • Resources and support provided to do good work • Opportunity to learn • Feedback on results • Understanding the significance of one's personal contributions Source: ERC Retention Model

  5. Drivers of Employee Retention Motivational Leadership • Champion change and are open to new ideas • Inspire a share vision of organization direction • Motivate and recognize contributions • Develop the capabilities of others • Model behavior that reflects organization values Source: ERC Retention Model

  6. Drivers of Employee Retention Recognition & Reward • Say "Thank you" for a job well done • Reinforce desired behaviors • Create an emphasis and focus on recognition • Celebrate successes • Build self-esteem • Enhance camaraderie and teamwork Source: ERC Retention Model

  7. Strategies for Retention Source: ERC Retention Model

  8. Strategies Analyze organization's motivation and retention culture through surveys and focus groups. What are the motivating and demotivating aspects of your culture? Source: ERC Retention Model

  9. Strategies 1 Design high-involvement job and work assignments that include: • Wide variety of tasks and skills • Opportunities to learn • Authority to make decisions • Feedback on results • Resources and support to be successful Source: ERC Retention Model

  10. Strategies 2 Train supervisors and managers in proven methods of motivational leadership: • Inspiring a shared vision and direction • Developing the capabilities of others • Promoting organizational change • Recognizing and appreciating employee contributions • Serving as a role model Source: ERC Retention Model

  11. Strategies 3 Deliver a plan for employee career paths and skill building: • Designing career paths, not necessarily up the organizational chart • Identifying core competencies for different career paths • Planning training and other opportunities to build competencies • Mentoring for employee direction Source: ERC Retention Model

  12. Strategies 4 Build a tailored reward and recognition system to fit organization's culture: - Identifying activities, attitudes and contributions to be recognized and rewarded • Matching reward and recognition options to performance contributions • Establishing specific motivational approaches for retaining employees Source: ERC Retention Model

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