For many of the world’s most admired companies, the ability to attract and retain talented employees was the single-most reliable predictor of excellence, according to Fortune magazine. And it may be the single-most important challenge of this decade.
Why care about retention? Retention is a business issue and losing one or two key people can have a significant impact on your longevity or profitability.
In the following white paper, we outline how managers can determine whom to keep, how to treat those who leave and what to do to retain those necessary to the organization.
These lessons are worth learning because:
• Most organizations don’t know who is valuable and who isn’t
• Organizations lack processes and tools to effectively restructure or downsize
• It is extremely challenging to retain and motivate the survivors
• Decisions must be made quickly
• Processes must be humane, but risk must be mitigated as well
• Resources are limited
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