Formulating Retention Strategies

Today, the concept of retention is big and invariable confront whether it is the corporate sector or any educational institution in the world.

- John Pereira

This concept of retention is more like a Herculean task for most companies in this modern age of globalisation and competitive business. All successful organizations comprehend that employee retention and talent management is integral to sustaining their leadership and growth in the market place. Becoming an employer of choice by retaining high caliber employees in today’s labour market should be the highest priority. Human Resource (HR) professionals the world over are presently breaking their heads to formulate retention strategies but nothing is working-out in their favour. Therefore, now maintaining a motivated and contented workforce and retention of talent are the biggest challenges before HR professionals. It has become more significant and also assumes greater importance in this era of open economy and progressive competition. Corporates and HR professionals are busy devising new and innovative management practices and ideas towards keeping their personnel motivated and satisfied so that they are always available for putting their best efforts towards achieving organisational goals and objectives. Keeping the above in view new ideas and practices, tools have been developed and are being practiced in organizations of all sizes like ‘golden hello’ and ‘golden handcuff’ to retain and motivate the best talents.