Discuss The Strengths And Weaknesses Of Different Approaches To Retention Of Talent

3.2 Assess strengths and weaknesses of different approaches to retention of talent

i. Do not retain talent – understand that there will be high turnover and high recruitment costs, which would mean need higher salaries and benefits to attract new staff on a regular basis ii. Leadership programs – set up for different levels of staff and rely on management to put forward candidates to participate in these programs. There is a cost involved with the development and ongoing maintenance of the programs however it is mitigated by a reduction in staff turnover which costs money to retrain and hire new staff regularly. Also means that management has programs in place to help them become better leaders and inspire their staff to stay within the organisation iii. Awards for performance – set up a program where staff is rewarded after being nominated by other staff/management/customers for going above and beyond their normal duties. Cost involved for doing this and need to set up partnership with other companies or need gift vouchers/ awards nights to reward key staff. Results in keeping key staff

iv.

Set up internal and external training programs to upskill staff so that they can apply for more senior or other roles and stay within the company – strength is retention but there is a risk that either the staff use the training and leave before the organisation sees the benefit. Retention through the effective management of talent, as a talent management is a very difficult task because everyone wants to be known as a talent. Can reduce the risk by specifying that if they leave within a certain time period (e,g 2 years) then they need to repay all or pro-rata how much they have to pay back of the amount that the course was worth. Also need to make sure there are policies in place specifying that the courses are relevant to the role or other roles within the company otherwise anyone can complete any course and be funded by the