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Compensation and other Retention Strategies

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Compensation and other Retention Strategies
COMPENSATION
AND OTHER EMPLOYEE RETENTION STATEGIES

Abstract
There are three human elements that are important to any organizations success - good leadership at the top, effective management at all levels, and personnel who possess the knowledge and skills to get the job done. Retaining effective employees is a challenge, and replacing employees who leave an organization is extremely expensive. Roger E. Herman’s book Keeping Good People – Strategies for Solving the Dilemma of the Decade discusses five strategies that an organization can implement, and which will aid in retaining top talent. This paper discusses those five strategies. Compensation strategies are those which ensure top talent can be recruited, and retained due to competitive compensation from an organization. Environmental strategies involve efforts that address 1) ethics and values, 2) organizational policies that interpret values and translate them into action, and 3) the physical environment that a company’s employees occupy. Relationship strategies are the actions of how an organization treats its people, as well as how they treat each other. Support strategies are those that equip employees with the resources that they require to complete the job. People growing strategies are actions that organizations can practice that contribute to the professional and personal development of their employees.
For most organizations to be successful there are three human elements which are crucial to that success – good leadership at the top, effective management at all levels, and personnel who possess the knowledge, skills, aptitudes, and attitudes to accomplish an organization’s mission and goals. One of the major challenges facing employers is finding and keeping motivated and effective employees. Today’s highly diverse workforce wants to achieve the greatest possible results, both personally and financially, during his or her career. It is because of this



References: Herman, Roger E. (1997.) Keeping Good People – Strategies for Solving the Dilemma of the Decade. Summerfield, North Carolina: Oakhill Press Ross Blake (2006.) Employee Retention: What Employee Turnover Really Costs Your Company. As retrieved on 28 Sep 2012 at http://www.webpronews.com/employee-retention-what-employee-turnover-really-costs-your-company-2006-07 Terry Irwin (2011) In Your Employees. As retrieved on 7 Oct 2012 from http://www.entrepreneur.com/article/76890 Utah Valley University [UVU](2102) Human Resources – Compensation. As retrieved on2 Oct 2012 from http://www.uvu.edu/hr/compensation/index.html Alan Sorum (2007) Education. As retrieved on 3 Oct 2012 from http://suite101.com/article/support-of-continuing-education-a23836 Jill Frank (2012)

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