Let's Talk Retention

Hello Friend,

In discussions about workforce management, the topic of employee retention often takes centre stage.

Picture this: An office where every interaction is infused with energy and purpose. Now, imagine this scene constantly evolving as new faces come and go. Is the secret to success really in keeping everyone on board, is the emphasis on retention justified or not? Let's look into these questions and explore the nuances of employee retention in today's dynamic business environment.

The Case for Retention: Retention advocates argue that retention is important for organisational success, contributing to stability, continuity and long-term growth. Retaining top talent fosters a positive work environment, enhances team cohesion and preserves institutional knowledge.

The Challenges of Retention: The reality of retention is not without its challenges. In industries with high turnover rates or rapidly evolving skill requirements, holding onto employees indefinitely may not always be feasible or desirable.

Reframing the Conversation: Rather than viewing retention as a binary metric of success or failure, perhaps it's time to reframe the conversation. A balanced approach is crucial. Prioritising skill development through both internal training and leveraging freelancers can ensure the organisation remains agile and competitive. Still, organisations should also strive to create environments where employees are engaged, fulfilled and motivated to stay.

Ultimately, the significance of retention varies depending on the context and organisational goals. While retaining top talent is undoubtedly important, organisations must also strike a balance between retention and flexibility.

What are your thoughts?

Around the World of HR

HR's New Responsibility

Business operations are undergoing a fundamental transformation and HR needs to adapt. For instance, there is a growing trend among companies to utilise freelancers, consultants and independent contractors.

Recent research conducted by Fiverr revealed that 78% of global businesses are inclined to engage freelancers in the near future to fill talent gaps. Shai-Lee Spigelman highlighted the increasing demand for expertise in generative AI, stating that many organisations lack internal expert in this area. These specialists bring forth specialised knowledge and fresh insights crucial for the successful execution of key initiatives.

Shai-Lee Spigelman, the general manager of Fiverr Pro, expounded on this transition towards a more "organic" organisational framework, wherein companies maintain a streamlined core of full-time employees supplemented by a flexible contingent workforce. In a discussion on HRMorning's podcast, "Voices of HR," she discussed the opportunities and challenges arising from this paradigm shift for HR professionals.

"Your talent pool can span across different time zones, allowing work to progress while you rest, or enabling you increase or decrease your workforce to align with specific project needs. Moreover, you can explore innovative approaches to address skill gaps by tapping into external expertise that may not be readily available in-house," she remarked. "An increasing number of businesses are engaging freelancers for distinct projects or ongoing initiatives. However, this poses a significant challenge for traditional companies accustomed to employing solely full-time staff, as they awaken to a different kind of workforce."

What is your take on this?

HR Balanced Diet

Book of the Month

Employee Retention and Turnover: Why Employees Stay or Leave by Peter W. Hom, David G. Allen, Rodger W. Griffeth

This book uses models such as job embeddedness theory, proximal withdrawal states and context-emergent turnover theory, as well as highlights cultural differences affecting global differences in turnover.

Employee Retention and Turnover contextualises the issue of turnover, its causes and its consequences, before discussing underrepresented antecedents of turnover, key aspects of retention and methods for regulating turnover and future research directions.

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