Given the economic pressures most businesses are facing at the moment most would assume that a retention strategy would be the last thing on a businesses mind? Yes most of the time the news is full of businesses going into administration and struggling, but I believe that a few businesses have proved how vital a retention strategy can be. Some businesses have had to adapted by reducing the number of hours each employee works to reduce overheads during the dip in sales. Working out the costs of redundancy and rehiring/training when the time is right it makes perfect businesses sense to look long term and have adaptive strategies to suit.
Recently I’ve come across some businesses that seem to approach different strategies altogether, with blinkers on and being driven by money they seem to make quick decisions that suit their needs that month. A month or so later the business is trying to fix the issue by bringing in a consultant to bridge the gap! Why pay more money and have to try and fill the gap of skills lost when you could better plan, not only long term does it save money but it shows to your employees that you won’t just terminate their contracts as a quick solution. Working with your staff and together to solve business issues will lead them to feel empowered and more productive.