The employees will have a bad view of the company affecting the culture, they know that the company will hire and fire as needed for short term gains. The cost of making someone redundant and then hire them again will mean that the business has spent quite a bit of money when it might of been able to better plan its HR resources ; save time, money and giving employees a positive image of the employer.

Planning a retention strategy is not just about the short term, when devising schemes and planning other aspects of HR practices retention should always be in the back of the employers minds to make sure it does not get neglected and lead to a negative impacted on the business.

Retention is not just about money, it takes a lot more to develop a truly complete package than just a monitory reward.  Big rewards do work over a year but developed over a long term i.e. 5 years there are plenty of other things that can be included. Job satisfaction is another away of retaining staff, the banking industry is well known for being stressful taking some stress out of the bankers role might appeal to some.

It’s all about building the complete retention package that works for both the employee and employer.

Will answer the question soon!

I believe that utilising Knowledge Banks and working directly with the education system to guarantee education is relevant, using your experienced employees to bridge the gap solves many problems in a cost affective and efficient way.

FULL ARTICLE COMING SOON!

In the public sector pay increases are around 3-4 % on average across the sector, which is above the rate of inflation 2.1% and inline with the “experts, true” rate of inflation, 3.9% but is it enough?

Private sector businesses seem to recognise that retention amongst their best employees and pay increases occur and reflect the efforts. You make the company money and they will pay you accordingly! The average pay increase in this sector is around 5-10%.

Public sector businesses have seen pay increases of around 2.9%, however some believe the true value to be lower. Public sector businesses have more restrictions and don’t have the advantages of operating to make a profit. I believe this to be the main reason why pay increases are limited. It is difficult to obtain authorisation for pay increases in private companies, never mind a new pay scheme that has to be passed by government.

In my opinion private sector businesses run to make profit, thus it is sensible to invest in the assets that make you your profits. The main and most common retention technique involves pay increases, but where private sector businesses excel the most is with putting together a bigger overall salary package through extra benefits, bonuses and training and development to increase retention.

Private sector businesses tend to have higher and bigger pay bands, yet the Public sector businesses are the soul of the nation, teachers, nurses and police, shouldn’t steps be taken to increase their pay? They might not make some shareholders money, but support the infrastructure and economy private sector workers can be productive at work.

Due to the skills and necessary drive to increase the retention within the Public sector, the basics of a good salary structure that reflects the true benefits and demands of the employee in that job should be in place. Businesses should implement retention techniques to keep the skills, knowledge and best practices within the organisation. If pay is an issue why can’t experienced experts within the field be offered “ Advisor/Consultancy/Coaches/Mentors” roles to train and pass on knowledge before you cannot retain them any longer?