For a while now I have done research into what people within HR and Businesses believe by retention. The following statement summarises what the average view is:
Employee retention is the effort by employers to encourage current employees to remain employed with the organisation. Programs such as learning and development, rewards, and recognition, succession planning and providing policies and practices that address their needs are examples of ways of retaining employees.
I believe that although this is true it also fails to properly define true retention. Retention is often overlooked regarding knowledge and skills. It is impossible for a business to retain the employees forever. Businesses need to ensure that their retention plans also achieve to retain knowledge and skills, with the right training plans and mentoring in place businesses should be able to ensure nothing is lost from the business.
Like most things with HR I believe it’s important to get the balance right, if done correctly the employee, mentor and business will benefit and become more competitive.