Compensation and other Retention Strategies
COMPENSATION
AND OTHER EMPLOYEE RETENTION STATEGIES
Abstract
There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees.
For most organizations to be successful there are three human elements which are crucial to that success – good leadership at the top, effective management at all levels, and personnel who possess the knowledge, skills, aptitudes, and attitudes to accomplish an organization’s mission and goals. One of the major challenges facing employers is finding and keeping motivated and effective employees. Today’s highly diverse workforce wants to achieve the greatest possible results, both personally and financially, during his or her career. It is because of this
AND OTHER EMPLOYEE RETENTION STATEGIES
Abstract
There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees.
For most organizations to be successful there are three human elements which are crucial to that success – good leadership at the top, effective management at all levels, and personnel who possess the knowledge, skills, aptitudes, and attitudes to accomplish an organization’s mission and goals. One of the major challenges facing employers is finding and keeping motivated and effective employees. Today’s highly diverse workforce wants to achieve the greatest possible results, both personally and financially, during his or her career. It is because of this
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