We constantly hear on the news about redundancies at the moment, does this mean that businesses don’t have to worry about retention techniques because there will be more people to recruit from? Well I believe the opposite is true. Being able to keep your best employees and helping your employees to feel secure in their job will help your business to come out of the “recession” a much better business.
Some businesses might make some redundancies as a quick win solution for cutting costs but this will negatively affect the company in the long run. Good examples are what Vauxhall and other car companies have had to do. They are being open and honest with their employees and hopefully the employees will recognise this and in the long run it will benefit the company. Too many companies will terminate employees contract, but will find it more expensive to replace them in the long run and lose confidence in staff they keep and future potential employees.
Business is not about the quick win solutions!