Employee Recruitment and Retention

In today's rapidly changing business climate, there is a growing focus on finding efficient ways of recruiting and retaining the best people to maximise productivity and to counter the high costs of replacing the employees that leave. The growing demand for new and diverse skill sets, coupled with the existence of a younger and more ambitious workforce, means that talented employees are more valued and sought after today than ever before and that they are no longer viewed as a replaceable commodity.

However, Key Strategy believes that many companies are facing problems in recruiting skilled employees and are having trouble keeping the ones they already have, despite the recent economic downturn. This can have a serious impact on the financial health of an organisation because there is a strong link between employee turnover and a company's financial performance: there is a measurable cost in losing a talented employee, and similarly, there is a measurable return in retaining a talented employee. The economic advantages of employee retention are extensive and human resources executives should work to convince senior management of the need to put recruitment and retention at the forefront of their business priorities. Companies that fail to address this matter will lose their competitive advantage in the market.

The issue of employee turnover becomes particularly pressing when changes are being implemented within an organisation. When employees feel that their job positions and roles could be negatively affected as a result of new changes within the company, they are more likely to leave the company prematurely. Therefore, successful change management can only be achieved through careful people management, otherwise the change process will not run smoothly and organisations will lose talented employees. To make up for this loss, those companies will have to engage in costly recruitment programmes and invest in the training and development of new recruits.

Therefore, organisations need to focus on devising effective recruitment and retention strategies. These strategies should include: building the company's image and reputation in the market, providing training, development and educational opportunities, offering competitive pay packages and other types of reward, exercising effective management, offering flexible work arrangements, providing unconventional perks, and more.

To find out more visit Key Strategy.