Managing Retention: A Strategic Accountability Approach

With most economies on the rebound, the subject of retention is heating up again. On the back burner for many HR managers for the last two years, this topic is now commanding much attention as organizations strive to prevent another talent war characterized in the 1990s. Using a strategic approach, combined with analytics, including ROI, gives firms a competitive advantage. The time to tackle this is now – before it becomes a crisis. This article explores this proven approach to managing retention. Some organizations do a superb job of managing retention where others fail miserably. The issues are not always externally driven, but often lie within the organization—sometimes in the approach to the problem. Finding a new approach requires shifting paradigms, changing perceptions, and throwing out old habits. A more rigorous, analytical, and strategic approach to addressing internal issues is often needed. This article describes the recommended approach to address employee retention. Several issues pertaining to managing retention as a strategic initiative are explored, including the rationale for the approach and the steps involved. Eight distinct steps lead to a strategic approach and bring the appropriate focus on accountability to the retention issue