Time & Attendance
By Staff Report
Oct. 5, 2011
Dear Money’s Not the Object:
There is good news. Many studies have revealed that, for most companies, compensation is not the primary driver for employee retention. According to a recent BlessingWhite Inc. study, “The top reason employees give for jumping ship is: ‘My career. I don’t have opportunities to grow or advance here.’ On the other hand, the top reason employees worldwide give for staying with their employer is: ‘My work. I like the work that I do.’ Career is the second-rated reason people stay.”
So how should you use talent management to retain top talent in a cost-efficient way? First, create talent management programs that foster career growth. Second, ensure employees are fairly evaluated and compensated.
Let’s take a look at some of the different areas of talent management and show how they can contribute to top talent retention.
Learning and Development
Keeping these principles in mind when designing your talent-management strategies and processes will have a much larger impact on retention than simply increasing salaries, allowing you to win the war for talent against your larger competitors.
SOURCE: Andy Rice, Newman Group, Los Angeles
LEARN MORE: For more on defining talent management, please click here.
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The information contained in this article is intended to provide useful information on the topic covered, but should not be construed as legal advice or a legal opinion. Also remember that state laws may differ from the federal law.
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