Gone are the days of the baby boomers who secured a "job for life". Employers did not have to worry too much about retention strategies - in general people were there for the long haul. Generation X and Y employees now have more interest in things like a balance between work and home life, and a disposable income and a career path that will provide them with fulfillment - both extrinsic and intrinsic. They will seek an employer who can provide them with the best combination of these.  

Most organisations don't realise the extraordinary cost associated with turnover of people. This cost is estimated at anywhere between 50% and 100% of the annual cost of that employee. So keeping labour turnover down by retaining talent in the organisation is an issue that keeps many CEOs awake at night. Allocating a portion of business profits to employees through innovative remuneration systems can be saved over and over again by reduced turnover costs.

Confiance can help your organisation develop retention strategies which are linked with your overall business strategy. Specific interventions include:

 

Risk assessment and mitigation

Confiance helps business identify major risks and the necessary strategies to mitigate such risks using the OH&S bowtie risk assessment methodology.

 

Alignment of Business and People Strategies

Whether your business has a vision, a mission, a set of goals or objectives - whatever the word used, the management team will have a notion of what the business needs to achieve in the future. Your people will be a fundamental part to its sucthe successful delivery of your vision. Ensuring your strategy is aligned with your culture and leadership style is critical. Confiance has a diagnostic which assists in achieving this alignment to then indicate what people management initiatives need to be taken to deliver success.

 

Employee and Leadership Surveys

 

Finding out why people stay with your organization or why they choose to leave is fundamental to any retention strategy. Confiance has a range of survey tools and questionnaires and exit interview processes which will identify key organizational strengths and weaknesses as perceived by your people.

 

Remuneration system design

Figuring out the organization's position on rewards is clearly a big part of any retention strategy. Confiance has a depth of experience in the design of remuneration systems and policies in line with your organisation's requirements. Additionally other benefits and incentive schemes can be recommended and designed to assist the retention of high performing people.

Workplace Industrial Instruments

 
With a wealth of experience in human resource management over many years Confiance can advise and develop relevant human resource and employee relations policies suitable to your business. Clear succinct and accessible policies are critical to an organization seeking to retain high caliber people.

Communication Strategies and Plans

Many surveys we conduct result in criticism of communication flows within organizations. Communication to and from your people is fundamental to the success of your business. Confiance can help design the communication strategy that will work for your unique organization. Whether it be for a project or to inform people of their own performance, that of the business or any other newsworthy event internal or external to your company, it is vital that the management group have a strategy on how this is to occur, by whom and how frequently.