Keeping good employees is a challenge rhar all organizations share and that becomes even more difficult as labor markets change. Unfortunately, some myths have arisen about what it takes to retain employees. Some of the most prevalent myths and realities are as follows:
Money is the main reason people leave. Money certainly is a vital HR tool, and if people feel they are being paid inadequately, they may be more likely to leave. Bui if they are paid close to the competitive level they expect, other parts of the job become more important.
Hiring has little to do with retention. This is not true. Recruiting and selecting the people who fit the jobs and who are less likely to leave in the first place, and then orienting them to the company, can greatly increase retention. It is important to select for retention.
If you train people, you are only training them for another employer. Developing skills in employees may indeed make them more marketable, hut it also tends to improve retention. When an employer provides employees with training and development assistance, job satisfaction may increase and employees are more likely to stay, particularly if they see more future opportunities internally.
Do not be concerned about retention during organizational change. That is exactly the time to worry about retention. Although some people’s jobs may have to be cut because of economic organizational factors, the remaining employees that the company would like to keep may have the most opportunity and reason to leave voluntarily. For example, during a merger or acquisition, most workers are concerned about job security and their employer’s future. If they do not feel a part of the new organization early on, many may leave or evaluate alternatives.
If solid performers want to leave, the company cannot hold them. Employees are best viewed as “free agents.” who indeed can leave when they want. The key to keeping solidly performing employees is to create an environment in which they want to stay and grow.
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