People Retention Strategies are included in your Human Resources Strategy and are considered during organisation growth, or expansion to ensure the right people remain with the organisation in order to remain competitive and sustainable in the long term. Effective HR/Worforce Planning will have ensured the organisation has made sound decisions in relation to its workforce to date and considered a 1-3 year plan in line with the organisations strategic goals and objectives.
During difficult economic times and/or when the organisation faces economic risks, the organisation is tasked to make some difficult decisions in relation to its human assets, such as downsize or cut staff, in order to relieve economic funds in the short term. While this decision may relieve the organisation financially in the short term, it may open the organisation up to both the short and long term risks such as:
Losing valuable skills and knowledge that may have taken years to develop
Poor company culture due to 'fear of losing jobs'
Poor company branding in terms of 'employer of choice'
Decline in quality service levels
Poor branding negatively impact quality of candidates in recruitment efforts
Long term (1-3 years) people retention strategies will provide more benefits for an organisation however this needs to be executed effectively in order to have a positive impact on an organisation kpi's.
Brisbane HR can assist organisations develop and implement a long term HR Strategy to ensure your organisation remains competititive and sustainable through its human assets with effective people retention strategies.