The HR approach to retention
DOI:
https://doi.org/10.15170/MM.2022.56.04.01Keywords:
retention, HR, turnover, labour market, commitmentAbstract
THE AIMS OF THE PAPER
The primary aim of the study is to help organisations to develop and/or review their retention strategy. It also aims at structuring the literature on retention, because due to the labour shortage in recent years, employee retention has become a key HR task and there are just a few national sources that provide clear recommendations and tools for long-term employee retention.
METHODOLOGY
The study is a conceptual paper based on extensive secondary data collection. In the literature review, the paper analyze studies that provide empirical evidence on the impact on HRM (Human Resource Management) tools and methods on staff retention.
MOST IMPORTANT RESULTS
The study summarises the content and determinants of retention strategy, i.e. the macro level characteristics (labor shortage, new forms of work, workforce diversity) and organizational specifities (scoce of activities, organizational culture, business strategy) as well as the tools that can be used to identify employee needs and the possibility of a retention-focused analyisis of HRM activities. It details the role of exit interviews, retention interviews and employee satisfaction survey results in employee retention. It also summerizes the tools and methods available for recruitment, selection, on-boarding, training and development, incentives, performance management, career and talent management, employee experience, working time systems, health strategy and employer branding to increase employee commitment and reduce turnover rates.
RECOMMENDATIONS
The study could be useful for enriching the literature on retention management and could also serve as a tool for employing organisations to adjust their retention management activities.
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