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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
Succession Planning
Performance Management/Compensation
Talent Acquisition
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.
Workforce Management Online, October 2011 — Register Now!
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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