Employee retention is a means often used by employers to avoid loss of talent in the case of unavoidable terminations. The ability of a company to remain relevant in whatever field of practice, depends on its ability to ensure smooth continuity of day to day activities. Unfortunately, a disgruntled workforce might not be at the right mindset to discharge their duties with the knowledge of a looming retrenchment.
There are six key components of the employee retention that must be taken into consideration in the event of such an activity. First, the staff who maintain the backbone of the company’s operations including central industry specific activities should come first. A firm that develops software for clientele is unlikely to release its technical workers programs from the practice, as this would cause discontinuity in the software development cycle. Secondly, the managerial positions and positions that represent a team of workers ought to be prioritized during retention procedures. The managers play a central role in ensuring harmony in deliverability of services. Productivity rates is another key indicator that should be considered. By measuring the productivity rates using employee metrics and performance report, a clear picture of the effectiveness is developed. This serves to strengthen the activities of the company by leveraging the concentration of company resources into a smaller more effective group. Issues of experience should also be a focus for the retrenchment process.
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It would be prudent to retain the employees that have served in the company for longer periods. The vast experience gained while at the company is an investment for the firm. Terms in the contract come in handy in determining the right procedures to be followed. The individual contracts signed by the employee and the representative of the employer is legally binding and thus key. The human factor and ethical practices should be upheld during employee retention.
