Employee Retention Strategies for a Training Company Report

This report addresses the critical issue of employee retention within a medium-sized training company facing potential significant staff turnover due to retirements. The report, prepared by an HR Advisor, researches and presents strategies for succession planning, recognizing the risk of losing e...Read More

Running head: STRATEGIES FOR EMPLOYEE RETENTION
Strategies for Employee Retention
Name of the Student:
Name of the University:
Author’s Note:

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STRATEGIES FOR EMPLOYEE RETENTION
Table of Contents
Succession Planning...................................................................................................................2
Hiring New Talent......................................................................................................................3
Diversity and Equity in the Workplace......................................................................................3
Reference List............................................................................................................................4

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STRATEGIES FOR EMPLOYEE RETENTION
Succession Planning
Succession planning is a policy to classify and mature the future leaders of the
organisation, at all the possible levels. The succession plans talk about the foreseeable as well
as the unescapable variations that can perhaps happen when the employee of the organisation
quit, get terminated, get sick, die, or retire (Cloutier, Felusiak, Hill and Pemberton - Jones
2015). This process is extremely critical as it ensures the smooth functioning of the
organisations but is more often than not overlooked upon by them. With the help of
succession planning, the organisations can be prepared beforehand for all the contingencies
or the likelihoods of the event by identifying as well as training the workers who have a high
potential so as to develop their skills and abilities for the role. Succession planning goes hand
in hand with the human resource planning (Deery and Jago 2015). The main purpose of the
succession plan here is to retain some of the trainers from the newly twenty appointed ones as
the staffing profile of the organisation mainly comprises of older employees who will have to
retire in the next couple of years. For the company to be able to run and function smoothly
like it has been in the past, a succession planning strategy will be implemented to eliminate
the issue of high turnover amongst the staff. The plan will consist of the following steps –
 Succession planning must be parallel to the goals and values of the business ;
 Establish a culture of transparency to ensure the employees know their goals and
objectives ;
 Retain the internal talent along with hiring some new ones ;
 Focus should be on targeted development ;
 Establish leadership accountability (Deery and Jago 2015) ;
 Enable a mentorship program between the current employees and the employees who
are qualified successors

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STRATEGIES FOR EMPLOYEE RETENTION
Hiring New Talent
Due to the anticipated changes that will take place within the organisation in the near
future, it is necessary to employ some fresh talent. Moreover, it is expected that there will be
a change in the policies of the government as well which will eventually call for growth in
work resulting in the hiring of some new trainers, approximately two to three (Das and
Baruah 2013). It is also expected that the new trainers would want to remain loyal to the
organisation.
Diversity and Equity in the Workplace
In today’s time and age, it is crucial for all the organisations and business enterprises
to have a diversified workforce. Diversity and equity in the workplace encourages as well as
promotes the learning and the teaching environments open to the differences along with
welcoming diversity and being intolerant of discrimination and harassment (Bryant and Allen
2013). In other words, the employees in the workplace will be treated with justice, respect,
and fairness. In addition to this, it is important to support equity and diversity in the
workplace as it ensures the fact that all the employees have access to same opportunities and
possess equal rights. This will make the business and its people thrive for success as all the
backgrounds come together and accomplish their goals.

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STRATEGIES FOR EMPLOYEE RETENTION
Reference List
Bryant, P.C. and Allen, D.G., 2013. Compensation, benefits and employee turnover: HR
strategies for retaining top talent. Compensation & Benefits Review, 45(3), pp.171-175.
Cloutier, O., Felusiak, L., Hill, C. and Pemberton-Jones, E.J., 2015. The Importance of
Developing Strategies for Employee Retention. Journal of Leadership, Accountability &
Ethics, 12(2).
Das, B.L. and Baruah, M., 2013. Employee retention: A review of literature. Journal of
Business and Management, 14(2), pp.8-16.
Deery, M. and Jago, L., 2015. Revisiting talent management, work-life balance and retention
strategies. International Journal of Contemporary Hospitality Management, 27(3), pp.453-
472.